The Real Estate Board of Greater Vancouver (REBGV) released its February 2019 housing report, and it clearly showed that homebuyers appear to be the ones with power in the current market.
Phil Moore, the President of the REBGV said “For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favor buyers, particularly in the detached home market. This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions.”
In the month of February, there were 3,892 detached, attached and apartment properties on the Multiple Listing Service® (MLS®). This represents a 7.8% decrease compared to the 4,223 homes listed in February 2018, and a 19.7% decrease compared to the 4,848 homes listed in January 2019.
The total number of properties listed for sale on the Vancouver MLS® system in February was 11,590. This represents a 48.2% increase when compared to the 7,822 homes listed in February 2018, and a 19.7% decrease from January 2019.
Sales-To-Active Listings ratio
This ratio explains the relationship between supply and demand that influences price. The ratio for February was 12.8% across all property types. For each property type the ratio was:
Detached homes 8.5%
Town homes 15%
When the ratio is around or below 12% for a sustained period, then there is downward pressure on prices, and when it is above 20% for a sustained period, there is upward pressure.
For the month of February, The MLS® Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1,016,600. This was 6.1% lower than February 2018 and a 0.6% decrease when compared to January 2019.
“Homes priced well for today’s market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being,” Moore said. “Realtors continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”
If you are looking to get into this market before prices start escalating, we are offering a wide range of homes suitable for any budget. Visit our website and browse our wide range of listings.