VANCOUVER WEST FEBRUARY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports last month falling 33 percent below the February average for sales. Seller reluctance continues with new listings this February 36.6 percent lower than last February. But even with fewer new listings, inventory is on the rise as the total inventory of listed properties is up 16.7 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 47.2 percent compared to February 2022. The composite value of all properties is 9.3 percent lower February to February. However, studying data and market activity, prices appear to be firming up and should mortgage rates hold, decline in value could be short lived.
From January to February the graph displays a big jump of 7.5 percent in the average price for detached properties. The benchmark price for houses in February 2023 is 12 percent below the previous February. Year to year the volume of detached home sales is down by 49.1 percent.
Last month versus February 2022, Vancouver west detached prices are down 10.7 percent. West side house sales drop 35.3 percent year to year. February 2023 inventory registers 28.5 percent below the February before.
From January to February west side house sales skyrocket, up 164 percent. Month to month detached inventory moves up 17.5 percent.