Metro Vancouver home sales sluggish in February as prices keep falling

Real estate board says benchmark price of a detached home fell nearly 10 per cent year over year

The local real estate board says the benchmark price of a detached home in Metro Vancouver fell nearly 10 per cent year over year as more sellers listed properties, but house hunters continued to take their time in February.

The Real Estate Board of Greater Vancouver says nearly 28 per cent fewer detached properties sold last month compared with February 2018, and the benchmark price dropped 9.7 per cent to $1,443,100.

READ MORE: Provincial real estate body warns of ‘cracks’ in Canadian economy in 2019

Across all residential property types, sales dropped 32.8 per cent compared with a year ago and were 42.5 per cent below the 10-year February sales average.

The benchmark price for all residential properties fell 6.1 per cent to $1,016,600 over the same time frame, with condominium prices down four per cent to $660,300 and townhomes down 3.3 per cent to $789,300.

The board says sales for apartments fell nearly 36 per cent in February 2019 compared with the same month in 2018 and townhome sales declined nearly 31 per cent.

There were just shy of 3,900 new residential property listings last month — down 7.8 per cent compared with the same month the previous year — and the sales-to-active listings ratio for the month was 12.8 per cent.

The board says there is typically downward pressure on property prices when that ratio falls below 12 per cent “for a sustained period.”

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Rock Stock 2019: “It’s going to be better than last year”

For some young musicians this will be their eighth year performing at Rock Stock in Prince Rupert

First ever Indigenous Symposium educates teachers in Prince Rupert

Cedar weaving, drumming for reconciliation and basic Sm’algyax lessons were offered to educators

Convicted animal abuser to return to B.C. court May 21

Catherine Jessica Adams is facing a breach of probation charge

Playing with the big boys: CHSS’ junior rugby team too good for their league

Coach says this is one of the best high school rugby teams he has seen in Prince Rupert

Red cedars dying in Prince Rupert from drought

There was a 75 per cent decline in precipitation for the months of February and April

Kelowna RCMP interrogation video brings home reality in ‘visceral way’: former TRC chairman

Video of Mountie interrogating young Indigenous woman disclosing sexual abuse under fire

Update: Mother dead, child in critical condition after carbon monoxide poisoning at Shuswap campground

The woman was found unresponsive insider her tent and the youth was taken via air ambulance to hospital

Canada’s parole officers say correctional system has reached breaking point

About half of Canada’s federal parole officers work inside penitentiaries and correctional institutions

Montreal researchers create audible hockey puck for visually impaired players

Three years ago, Gilles Ouellet came up with the idea for a puck that makes a continuous sound

Former B.C. Greyhound bus drivers head to Penticton for goodbye party

Big bash runs until Sunday, funded by drink cans left behind on busses over the years

Boy, 12, arrested after allegedly pulling a knife on another child at a Surrey park

The child was later released into his parents’ custody as Surrey RCMP continue their investigation

Full-scale search underway for missing kayaker on Okanagan Lake

Kelowna Paddle Centre member Zygmunt Janiewicz, 71, failed to return from his ‘daily kayak’ on the lake

ICBC urging drivers to slow down this May long weekend

Speed is number one cause of car crash fatalities: ICBC

Bucks hammer Raptors 125-103 to take 2-0 playoff series lead

Toronto heads home in a hole after second loss to Milwaukee

Most Read