REBGV Market Update February 2022 – Upward Price Trend Continues With A Modest Increase In New Listings.
The Real Estate Board of Greater Vancouver (REBGV) released its February 2022 housing report, which said that the region saw a nearly 50% jump between January and February in the number of homes sold, and the market experienced a modest increase in new listings. There are few signs that the trend is slowing.
Taylor Biggar, Chair of the Real Estate Board of Greater Vancouver said, ” As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing historically typical home sale activity and a modest uptick in home listing activity compared to last year.”
Last month’s sales were 26.9% above the 10-year February sales average.
The REBGV report showed that residential home sales in the region totaled 3,424 in February 2022, an 8.1% decrease from the 3727 sales recorded in February 2021, and a 49.8% increase from the 2,285 homes sold in January 2022.
Sales of detached homes in February 2022 reached 1,010, an 18% decrease from the 1,231 homes sold in February 2021. The benchmark price was $2,044,800 – a 25% increase from February 2021.
Sales of apartment homes reached 1,854 in February 2022, a 5.4% increase over the 1,759 sales in February 2021. The benchmark price was $807,900 – a 15.9% increase from February 2021.
Sales of attached homes totaled 560 in February 2021, an 24% decrease over the 737 sales in February 2021. The benchmark price was $1,090,000 – a 27.2% increase from February 2021.
In the month of February, there were 5,471 detached, attached and apartment newly listed properties on the Multiple Listing Service® (MLS®). This represented an 8.4% increase compared to the 5,048 homes listed in February 2021, and a 31.2% increase compared to the 4,170 homes listed in January 2022.
The total number of properties listed for sale on the Vancouver MLS system in February was 6,742. This represents a 19.3% decrease when compared to the 8,358 homes listed in February 2021, and a 19.1% increase from January 2022.
Sales-To-Active Listings ratio
This ratio explains the relationship between supply and demand that influences price. The ratio for February was 50.8% across all property types. For each property type the ratio was:
Detached homes 34.9%
Town homes 64.3%
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 2022, The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1,313,400. This was 20.7% higher than February 2021 and 4.6 % higher when compared to January 2022. The Metro Vancouver market and its neighborhoods are seeing record breaking prices, which are expected to continue into the future. We offer a huge range of homes suitable for any budget. Visit our website and browse our wide range of listings.