February Vancouver Real Estate Market Stats!Posted on March 02, 2017
The real estate statistics from February are in, and after a slower January, sales dramatically increased over last month, however listings remain low. Low supply has been having its expected effect, continuing to steadily increase prices across the region, and fewer home owners are listing their properties.
The continued trend of market stability has held; “February home sales were […] in line with our long-term historical average…,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said.
Condo for Sale: is it a good time?
If you own a condo and want to get into the detached market, THERE HAS NEVER BEEN A BETTER TIME! Hesitation from Metro Vancouver home sellers is impacting sale and price activity throughout the Vancouver Real Estate market. While prices for detached homes are dropping, limited supply is causing prices of the condos and townhomes to slowly increase.
While prices on detached homes are down 6.5% over the past 6 months, condo prices are up 2.3% over the same time, and almost 3% over January 2017! This has caused savvy homeowners to list their condo for top dollar and use this brief window of opportunity to move into the detached home market.
For more information, click here for the Real Estate Board of Greater Vancouver’s full rundown of the stats from February 2017