METRO VANCOUVER MARKET REPORT
FEBRUARY 2020

Steady demand and low supply

February saw steady home buyer demand and reduced home seller supply across Metro Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 2,150 in February 2020, a 44.9 per cent increase from the 1,484 sales recorded in February 2019, and a 36.9 per cent increase from the 1,571 homes sold in January 2020.
Last month’s sales were 15.6 per cent below the 10-year February sales average.

“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace. This was most pronounced in the condominium market.” — Ashley Smith REBGV President

The following sales data and inventory data lend support to Ashley’s statement:

SALES: February sales were 15.6 per cent below the 10-year February sales average. Home sales in the region totaled 2090 in February 2020, a 30.6 per cent increase from the 1450 sales recorded last year.

INVENTORY:
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,195, a 20.7 per cent decrease compared to February 2019 (11,590) but a 6.7 per cent increase compared to January 2020 (8,617).

Sales to Active listing ratios

The sales-to-active-listings ratio is defined as the number of home sales divided-by the number of listed homes during the month. In February 2020 , the ratio was 17.3 per cent for detached homes (balanced market), 26.9 per cent for townhomes(sellers market), and 28.4 per cent for apartments(sellers market).

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Metro Vancouver Market Report Infographic February 2020


Detached Homes – Maple Ridge

Maple Ridge / Vancouver East were hotspots for detached homes in Feb 2020. With the benchmark prices in Maple Ridge/Vancouver East at $824,900, $1,407,700 respectively, buyers are looking for some value.

MAPLE RIDGE
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VANCOUVER EAST
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Townhouses – Richmond

Richmond remained top in # sales for townhomes this month.

RICHMOND
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Condos – Burnaby & Vancouver West

Condo starts in Metrotown, Lougheed, and Burquitlam areas are in the eyes of many buyers. The condo benchmark prices in Burnaby range from $613,200 to $733,800. Vancouver West benchmark prices for condos were $796,100.

BURNABY
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