VANCOUVER WEST 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 the previous February, Vancouver west detached prices rise 8.5 percent. Year to year west side house sales are 40.3 percent higher. February 2021 Inventory is up 11.4 percent versus February 2020.
From January to February west side house sales rise 26.1 percent. Month to month detached inventory is 1.4 percent higher.