Vancouver home sales increase 44%

The number of homes sold in Vancouver increased 44 percent in February compared to the previous month, after a monthly drop reported in January.

A total of 2,530 homes were sold in February, up from 1,760 sales in January, according to the Real Estate Board of Greater Vancouver.

“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, REBGV president. “We typically see home buyers become more active in and around the spring months.”

Last month, the Canadian Real Estate Association reported the fifth consecutive decline in monthly sales for the country, citing weather conditions as a detractor.

Today’s report shows home sales grew 41 percent from 1,797 sales in February 2013. The February figure was just 17 sales away from the 10-year sale average for February of 2,547.

The number of listings for all property types totaled 4,700 in February, dropping 2.8 percent from a year ago, and declining 12.1 percent from listings in January. February’s listing count was less than the region’s 10-year new listing average for the month.

“With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions,” Ms. Wyant said.

The benchmark price for all homes in Metro Vancouver is $609,100, increasing 3.2 percent increase from a year ago.

More from the report:

* Sales of detached properties in February 2014 reached 1,032, an increase of 46.6 percent from the 704 detached sales recorded in February 2013, and a 6.3 percent decrease from the 1,101 units sold in February 2012. The benchmark price for detached properties increased 3.5 percent from February 2013 to $932,900.

* Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8 percent compared to the 760 sales in February 2013, and a 1.2 percent increase compared to the 1,020 sales in February 2012. The benchmark price of an apartment property increased 3.6 percent from February 2013 to $373,300.

* Attached property sales in February 2014 totaled 466, an increase of 39.9 percent compared to the 333 sales in February 2013, and a 9.9 percent increase from the 424 attached properties sold in February 2012. The benchmark price of an attached unit increased 0.6 percent between February 2013 and 2014 to $458,300.

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