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.”
Home Sales
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.
New Listings
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.
Total Listings
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%
Condominiums 62.2%
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.
Home Prices
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.