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%.
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%.
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.
If you want to discuss the market, please reach out using the form below or give us a call to (604) 281.1050.