Activity still remained well below the 10-year average for the month
February home sales in Vancouver surged by nearly 77% over the previous month, according to the Real Estate Board of Greater Vancouver, but were still 47.2% down compared with the same time last year.
The city recorded 1,808 sales last month, a significant jump compared with January but 33% below the 10-year sales average for February.
While the number of homes for sale in the region rose last month – by 5.2% on a monthly basis and 16.7% year over year – REBGV said the subdued February sales numbers showed that would-be sellers were still reluctant to put their homes on the market in the current environment.
Andrew Lis, director of economics and data analytics, said new listing activity continued to linger around the lowest level in recent history. “Sales are struggling to hit typical levels for this point in the year,” he said.
“On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”
The composite benchmark price for residential properties continued to dip compared with the market peak around this time last year but increased slightly on a month-over-month basis.
That figure of just over $1.12 million was 1.1% higher than in January but down 9.3% compared with February 2022.