Metro Vancouver home sales sluggish in February as prices keep falling

Real estate board says benchmark price of a detached home fell nearly 10 per cent year over year

The local real estate board says the benchmark price of a detached home in Metro Vancouver fell nearly 10 per cent year over year as more sellers listed properties, but house hunters continued to take their time in February.

The Real Estate Board of Greater Vancouver says nearly 28 per cent fewer detached properties sold last month compared with February 2018, and the benchmark price dropped 9.7 per cent to $1,443,100.

READ MORE: Provincial real estate body warns of ‘cracks’ in Canadian economy in 2019

Across all residential property types, sales dropped 32.8 per cent compared with a year ago and were 42.5 per cent below the 10-year February sales average.

The benchmark price for all residential properties fell 6.1 per cent to $1,016,600 over the same time frame, with condominium prices down four per cent to $660,300 and townhomes down 3.3 per cent to $789,300.

The board says sales for apartments fell nearly 36 per cent in February 2019 compared with the same month in 2018 and townhome sales declined nearly 31 per cent.

There were just shy of 3,900 new residential property listings last month — down 7.8 per cent compared with the same month the previous year — and the sales-to-active listings ratio for the month was 12.8 per cent.

The board says there is typically downward pressure on property prices when that ratio falls below 12 per cent “for a sustained period.”

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Meet the Ladysmith ambassador candidates

Seven enrolled in this year’s leadership program

Dump truck driver hurt after highway crash in Ladysmith

One man airlifted to hospital after collision between dump truck and pickup truck Friday

Ladysmith reservoirs full despite winter drought

Both reservoirs at or above capacity

Rickter Scale: Goodbye in the blink of an eye

Funny the impact a text can have — in more ways than one

Sparks fly as SUV speeds down wrong side of Highway 1 trying to flee RCMP

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

Fire crews battle large blaze at Courtenay hostel

Courtenay Fire Chief Don Bardonnex said nobody was injured

1,300 cruise ship passengers rescued by helicopter amid storm off Norway’s coast

Rescue teams with helicopters and boats were sent to evacuate the cruise ship under extremely difficult circumstances

B.C. university to offer first graduate program on mindfulness in Canada

University of the Fraser Valley says the mostly-online program focuses on self-care and well being

Province announces $18.6 million for B.C. Search and Rescue

The funding, spread over three years, to pay for operations, equipment, and training

Late-season wave of the flu makes its round in B.C.

BC Centre for Disease Control reported 50 per cent jump in flu cases in first weeks of March

Tofino’s housing crisis causing some to seek shelter at the local hospital

Tofino’s housing crisis is pushing the town’s ‘hidden homeless’ population into the forefront.

Sentencing judge in Broncos crash calls for carnage on highways to end

Judge Inez Cardinal sentenced Jaskirat Singh Sidhu to eight years

2 fires in Victoria caused by cigarettes prompts warning from deputy fire chief

Two separate fires caused by cigarette butts were avoidable

Most Read