VANCOUVER WEST FEBRUARY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release outlines anticipation within Real Estate as to what effect rising interest rates and legislation from all levels of government will have on the traditionally most active spring market. Meantime February saw all sectors slip below the 10 year average for the first time in a while and detached properties are approaching the threshold of a buyers’ market. Last month total residential sales decrease 9 percent compared to February 2017. Year to year new listings are 15.2 percent higher and total inventory of listed properties is up 3 percent. The composite value of all Metro Vancouver properties increases 16.9 percent February 2018 over February 2017.
The graph shows the average price of Metro Vancouver detached properties dipping 0.72 percent from January to February. The benchmark price for detached houses last month compared to February 2017 is up 8.2 percent. The volume of house sales is down 16.6 percent year to year.
Last month versus February 2017 Vancouver west detached prices are 2.3 percent higher. Year to year west side house sales plummet 43 percent. February to February inventory balloons by 49.3 percent.
January to February this year sales of west side houses increase by 15.2 percent. Month to month detached inventory declines 7.5 percent.