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

Revelstoke girl creates Facebook page to combat online negativity

Ava Ast created the Ava and Cello’s Good Deed Page last month

Revelstoke will soon issue tender for Farwell Splash Park

The splash park should open this summer

Nova Scotia DJs playing Revelstoke Thursday night

Pineo & Loeb with Inc. Line is playing the Last Drop

Four skiers caught in avalanche in Glacier National Park Sunday

No one was buried but one was transferred to hospital

Revelstoke roads and weather

Planned avalanche control on Highway 1

VIDEO: Sunny skies in the forecast makes for a great start to spring

Mostly sunny skies with a chance of rain by Friday evening in the Okanagan Valley

Deadline extended through April to nominate top B.C. educators

Second year of Premier John Horgan’s awards offers $3,000 bursary

Detective dog, from Nelson, joins fight to combat invasive mussels

K9 Major will be on the road starting this month, hunting for quagga and zebra mussels

No cause yet for grassfire near Kamloops

Fire was about 1.8 hectares in size

Paramedic staff shortage at critical level: B.C. union

A number of units were out of service due to lack of staffing in Lower Mainland, union says

B.C. lottery winner being sued by Surrey co-workers

They claim he owes them $200,000 each, in a lawsuit filed in B.C. Supreme Court in Vancouver

Case made for free tampon dispensers in schools

Advocate says access, anonymity key to providing less stressful experience for female students

Fraser Health under fire again for taxiing homeless man from Langley to Hope

Patient sent to Hope shelter because a spot in the man’s home community couldn’t be located

Dead sea lion discovered on Hornby Island shoreline

Reports indicate animal was shot in the head

Most Read