Growing Trends Create Rising Optimism: REBGV Feb 2022 Market Update
The Metro Vancouver housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing this past month, as reported in the REBGV Feb 2022 Market Update.
In the Feb 2022 Market Update residential home sales in the region totalled 3,424 in February 2022, an 8.1% decrease from the 3,727 sales recorded in February 2021, and a 49.8% increase from the 2,285 homes sold in January 2022. Last month’s sales were 26.9% above the 10-year February sales average.
“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” said Taylor Biggar, 2021/2022 Real Estate Board of Greater Vancouver (REBGV) Chair.
5,471 residential properties were listed in February 2022, representing an 8.4% market increase compared to the 5,048 homes listed in February 2021 and a 31.2% increase compared to January 2022 when 4,170 homes were listed. The total number of homes currently listed for sale on MLS® in Metro Vancouver is 6,742, a 19.3% decrease compared to February 2021 (8,358) and a 19.1% increase compared to January 2022 (5,663).
“Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” Biggar said. “…A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future”.
REBGV Feb 2022 Market Update
Analysts say downward pressure on home prices occurs when the ratio dips below about 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400, representing a 20.7% increase over February 2021 and a 4.6% increase compared to January 2022.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7% increase over February 2021 and a 4.6 per cent increase compared to January 2022.
Sales of single family homes in February 2022 reached 1,010, an 18% decrease from the 1,231 detached sales recorded in February of last year. The benchmark price for detached properties is just over $2 million. This represents a 25% up tick from February of 2021 and a 4.7% increase compared to January 2022.
Sales of apartments and condominiums reached 1,854 in February 2022, a 5.4% increase compared to the 1,759 sales in February 2021. The benchmark price of an apartment property in the Metro Vancouver area is $807,900. This represents a 15.9% increase from February 2021 and a 4.1% increase compared to January 2022.
Townhouses and attached home sales in February 2022 totalled 560, a 24% decrease compared to the 737 sales in February 2021. The benchmark price of an attached unit is just over $1 million. This represents a 27.2% increase from February 2021 and a 5.9% increase compared to January 2022. These positive trends while marginal, are significant in the larger market.
≫ Full REBGV Feb 2022 Market Update
Vancouver BC – March 2, 2022
Have a look at the Real Estate Board of Greater Vancouver’s February 2022 Market Insights!
- DOWNLOAD the REBGV Feb 2022 Market Update CLICK HERE
- For more market information from the Real Estate Board of Greater Vancouver CLICK HERE
- To view Geoff Jarman’s Listings CLICK HERE
