Real estate: Greater Vancouver home sales 77% higher than in January, 47% lower than last year – BNN Bloomberg
The Greater Vancouver Real Estate Board says February home sales were up 76.9 percent from January, but down 47.2 percent from the year before.
The board says sales for the month totaled 1,808, about 33 percent below the 10-year sales average in February.
The board says the numbers reflect a continued reluctance by would-be home sellers to market their properties, pushing sales well below historical norms.
However, the number of homes for sale in the region has continued to rise, up 16.7 percent from February 2022 and 5.2 percent from January.
There were 3,467 new listings last month, a decrease of 36.6 percent compared to February 2022 and an increase of 5.2 percent compared to January.
The composite benchmark price for all homes reached $1,123,400, down 9.3 percent from the same month last year but up 1.1 percent from January.
“While we continue to expect home price trends to decline on an annualized basis for a few more months, current data and market activity suggest that prices are on the rise,” said Andrew Lis, director of economics and data analytics for the board of directors.
“Some leading indicators even suggest we may see modest price increases this spring, especially if sales activity picks up and mortgage rates hold steady.”
This report from The Canadian Press was first published on March 2, 2023.
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