VANCOUVER WEST FEBRUARY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release notes that sales of all residential properties last month are 26.9 percent above the 10 year average for February. However they are still down by 8.1 percent compared to February 2021. Our sharp ascent in pricing gets an extension because the market remains undersupplied to meet demand and last month the composite value of all properties is 20.7 percent higher than the previous February. However we do see a modest inventory bump as new listings last month increase 8.4 percent from February a year ago. Still, total inventory of listed properties falls 19.3 percent year to year.
The graph shows a modest increase of 0.4 percent from January to February in the average price for detached properties. The benchmark price for detached homes in February 2022 is 25 percent higher than last February. Year to year the volume of house sales is down by 18 percent.
Last month versus February 2021, Vancouver west detached prices increase 8.9 percent. Year to year west side house sales are up 17.2 percent. February 2022 inventory is 41.8 percent higher than that of the previous February.
From January to February west side house sales rise 56.9 percent. Month to month detached inventory is up by 13.7 percent.