Close X
Friday, November 29, 2024
ADVT 
National

Vancouver-Area Home Sales Below Average, But It's Still A Seller's Market: Board

The Canadian Press, 03 Mar, 2020 07:20 PM

    VANCOUVER - Home sales in Metro Vancouver remain well below the 10-year average for the region but sellers continue to hold the upper hand as the real estate board says demand for properties is steady with buyers having little to choose from.

     

    The Real Estate Board of Greater Vancouver says 2,150 homes sold in February, a nearly 37 per cent jump in one month and almost 45 per cent higher than sales in February 2019.

     

    But the spectre of the recent housing market downturn remains with board data showing last month's sales are 15.6 per cent below the 10-year sales average for February.

     

    Demand for properties remains healthy but the real estate board says listings have fallen almost 21 per cent compared with the number of homes offered for sale last February, and only marginally increased between January and February of this year.

     

    The ratio of sales to active listings is 17 per cent for detached homes and as high as 28 per cent for condos, well above the point where analysts say prices are likely to slip if the ratio falls below 12 per cent.

     

    The board lists the benchmark price for a detached home at just over $1.4 million, down less than one per cent since February of last year but up 1.9 per cent over the past six months.

     

    The benchmark prices for townhomes and condos are $785,000 and $677,000 respectively.

     

    Condos showed the largest price gain over the last six months at 3.6 per cent, the real estate board says in its monthly statement.

     

    Board president Ashley Smith said the condominium market was also the busiest across the region in February.

     

    Agents are reporting more people attending open houses and multiple offers being made in some sections of the market, she added in a statement.

     

    "If you're considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices," Smith said.

     

    MORE National ARTICLES

    TransLink Reveals Bus Fleet Electrification Plan, Requests Mayors’ Council Endorsement

    TransLink Reveals Bus Fleet Electrification Plan, Requests Mayors’ Council Endorsement
    TransLink is asking the Mayors’ Council on Regional Transportation to support its updated Low Carbon Fleet Strategy, which puts the region on the path to converting all buses to zero emissions technology by 2050.    

    TransLink Reveals Bus Fleet Electrification Plan, Requests Mayors’ Council Endorsement

    37-Yr-Old Nina Laxamana Wanted After Police Allege She Struck An Officer With A Stolen Vehicle

    The Toronto Police Service is requesting the public’s assistance locating a woman in relation to an assault investigation.

    37-Yr-Old Nina Laxamana Wanted After Police Allege She Struck An Officer With A Stolen Vehicle

    Cell Phone Porting Scam Making Its Rounds Through The Comox Valley: RCMP

    Cell Phone Porting Scam Making Its Rounds Through The Comox Valley: RCMP
    The Comox Valley RCMP is reminding residents to be vigilant when handing out personal information after receiving several reports of a popular cell phone scam.    

    Cell Phone Porting Scam Making Its Rounds Through The Comox Valley: RCMP

    36-Yr-Old Michael Ray Day Identified As Victim Of Abbotsford’s First Homicide Of 2020

    The Integrated Homicide Investigation Team (IHIT) is requesting public assistance to further its ongoing homicide investigation in Abbotsford, B.C.

    36-Yr-Old Michael Ray Day Identified As Victim Of Abbotsford’s First Homicide Of 2020

    Leading The Way On Ride-Hailing, City Of Vancouver Approves Single Regional Licence

    City Council has approved an interim inter-municipal business licence (IMBL), which permits ride-hailing companies to operate across participating municipalities in the Lower Mainland using one business licence.    

    Leading The Way On Ride-Hailing, City Of Vancouver Approves Single Regional Licence

    A Cash Cap Is The Only Way To Stop Money Laundering In B.C., Inquiry Hears

    A Cash Cap Is The Only Way To Stop Money Laundering In B.C., Inquiry Hears
    VANCOUVER - A lawyer for a gaming expert says limiting the amount of cash flowing through casinos is the only way to stop money laundering at the facilities in British Columbia.    

    A Cash Cap Is The Only Way To Stop Money Laundering In B.C., Inquiry Hears