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

EDITORIAL: There are ways to stand up to crime

Get a file number. Go to the police station. Find out who was on duty.

Letter: Medals available for Canadian veterans

Veterans ‘made tremendous sacrifices and they have both won the greatest level of respect’

LETTER: Over-capacity meeting shows need for improved policing in Hope

There’s an obvious need for more visible patrols, says Hope homeowner

Speth to take oath of office at special school board meeting

Speth is the newest trustee to join Fraser Cascade school district

Chilliwack encouraged to commemorate liberation of Holland

Planning already underway to mark the 75th anniversary of the event

VIDEO: B.C. woman meets biological mother, 38 years later

Mother never gave up hope of finding daughter, despite all the obstacles

B.C. Lions fall to 1-9 after 13-10 loss to Ticats

Lowly Leos have dropped six straight CFL contests

VIDEO: B.C. woman meets biological mother, 38 years later

Mother never gave up hope of finding daughter, despite all the obstacles

B.C. man who died after rescuing swimmer was known for helping others

Shaun Nugent described as a dad, a coach, a hero and ‘stand-up guy’ at celebration of life

B.C. RCMP plane chases fleeing helicopter as part of major cross-border drug bust

The helicopter eventually landed at a rural property near Chilliwack

Border crossings across Lower Mainland seeing lengthy delays

Sumas, Peace Arch and Surrey-Blaine border crossings seeing long wait times

Thousands cycle to conquer cancer

The 11th annual Ride to Conquer Cancer took place Saturday morning, Aug. 24 in Surrey, B.C.

PHOTOS: Brazil military begins operations to fight Amazon fires

Amazon fires have become a global issue, escalating tensions between Brazil and European countries

Racist confrontation in Richmond parking lot caught on camera

Woman can be heard yelling racial slurs, swear words at woman in apparent parking dispute

Most Read