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Blog by Don Kennedy

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VANCOUVER EAST FEBRUARY HOUSE MARKET

Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.

 

The News Release reiterates that low inventory and high demand remain a recurring theme for the first part 2021. Buyers taking advantage of low interest rates are depleting a supply which can’t keep up, pressuring prices higher. Last month the annual composite value of all properties is up 6.8 percent. Townhomes are the biggest beneficiaries, as are smaller communities. Last month Compared to February 2020, residential detached, attached and apartment sales increase 73.3 percent, which is 42.8 percent above the average for that month. Despite new listings being up 26.1 percent year to year, the total inventory of listed properties is down 9.1 percent February to February.

 

The graph shows an increase of 2.1 percent from January to February in the average price for Metro Vancouver detached properties. The benchmark price for detached homes last month is 13.7 percent higher than February 2020. The volume of house sales is up 79.7 percent year to year.

 

Last month versus February 2020, east side house prices are 9.5 percent higher. Year over year Vancouver east detached sales increase by a healthy 59.3 percent. February to February inventory is up 44.6 percent.

 

From January to February east side house sales rise 25.7 percent. Month to month east side inventory adds 29.7 percent.

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