VANCOUVER WEST FEBRUARY TOWNHOME 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 illustrates a decrease of 4.3 percent in value for the average attached unit in Metro Vancouver. Last month compared to the previous February the benchmark townhouse price is down 6.3 percent. Townhouse sales volume falls 34.6 percent year to year.
Vancouver west townhouse prices are down 12 percent from February to February. Attached unit sales tumble 39.7 percent year to year. This February versus February 2022 inventory is 30.5 percent lower.
From January to February, west side attached sales really escalated, up 164 percent. Month to month, Vancouver west attached inventory is boosted by 2.2 percent.