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Vancouver real estate sales drop by a third

VancouverRealEstateSalesDrop

The Real Estate Board of Greater Vancouver says that the price of a detached home in Metro Vancouver has fallen almost by 10% year over year. Sellers keep posting their homes but buyers are waiting for prices to keep falling.

Moreover, there were almost 28% fewer detached homes sold in February compared to last year February and the price benchmark dropped by 9.7%.

Vancouver Real Estate Sales

Sales of all properties fell 32.8% compared to last year February and now are 42.5% lower than the 10-year February sales average. Sales of apartments had the steepest fall, by 36%. Townhomes fell by 31%.

House prices

Benchmark prices for all properties are also lower than last year. Prices for all residential properties fell 6.1%, condominium prices fell 4%, and townhomes 3.3%.

Supply

Sellers kept posting their homes in the market but that activity was also slower compared to last year. We saw only around 3,900 new residential property listings in February, a 7.8% fall from last year. The sales-to-active listings ratio was 12.8%, not low enough to create downward pressure on prices.

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