The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1 percent decrease from the 3,727 sales recorded in February 2021, and a 49.8 percent increase from the 2,285 homes sold in January 2022.
Last month’s sales were 26.9 percent above the 10-year February sales average.
As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year.
There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2022. This represents an 8.4 percent increase compared to the 5,048 homes listed in February 2021 and a 31.2 percent increase compared to January 2022 when 4,170 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3 percent decrease compared to February 2021 (8,358) and a 19.1 percent increase compared to January 2022 (5,663).
Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month.
For all property types, the sales-to-active listings ratio for February 2022 is 50.8 percent. By property type, the ratio is 34.9 percent for detached homes, 64.3 percent for townhomes, and 62.2 percent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7 percent increase over February 2021 and a 4.6 percent increase compared to January 2022.
A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future.
Sales of detached homes in February 2022 reached 1,010, an 18 percent decrease from the 1,231 detached sales recorded in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25 percent increase from February 2021 and a 4.7 percent increase compared to January 2022.
Sales of apartment homes reached 1,854 in February 2022, a 5.4 percent increase compared to the 1,759 sales in February 2021. The benchmark price of an apartment property is $807,900. This represents a 15.9 percent increase from February 2021 and a 4.1 percent increase compared to January 2022.
Attached home sales in February 2022 totalled 560, a 24 percent decrease compared to the 737 sales in February 2021. The benchmark price of an attached unit is $1,090,000. This represents a 27.2 percent increase from February 2021 and a 5.9 percent increase compared to January 2022.