Home Buyers in Feb 2018



“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”

Metro Vancouver home sales dipped below the long-term historical average in February 2018. The Real Estate Board of Greater Vancouver (REBGV) reported:

Residential Sales in the region: 2,207 
  • Compared to February 2017: 9% decrease   
  • Compared to January 2018: 21.4% decrease  

Total Sales: 14.4% below the 10-year February sales average
  • Detached: 39.4% decrease over the same period  
  • Attached: 6.8% decrease over the same period  
  • Apartment: 5.5% above over the same period 

Total of the properties newly listed for sale on the MLS: 4,233 in February 2018
  • Compared to February 2017: 15.2% increase
  •  Compared to January 2018: 11.2% increase 

For all property types, the sales-to-active listings ratio for February 2018: 28.2%
  • Detached: 13% sales-to-active listings ratio   
  • Townhome: 37.6% sales-to-active listings ratio
  • Condo: 59.7% sales-to-active listings ratio 

Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver is: $1,071,800   
  • Compared to February 2017: 16.9% increase
  • Compared to January 2018: 1.4% 

Sales of detached properties in February 2018: 621
  • Compared to February 2017: 16.6% increase

Detached HPI in February 2018: $1,602,000
  • Compared to February 2017: 8.2% increase
  • Compared to January 2018: Unchanged 

Sales of attached properties in February 2018: 401
  • Compared to February 2017: 0.7% decrease

Attached HPI in February 2018: $819,200
  • Compared to February 2017: 18.1% increase
  • Compared to January 2018: 1.9% increase 

Sales of apartment properties in February 2018: 1,185
  • Compared to February 2017: 7.1% decrease

Apartment HPI in February 2018: $682,800
  • Compared to February 2017: 27.2% increase
  • Compared to January 2018: 2.6% increase