As we edged further into the new year, there was a modest increase in the number of listings available in Metro Vancouver’s housing market* – welcomed news for eager house hunters across the area.
However, even though the number of available properties has increased from previous months, the overall level of supply remains tight, continuing the upward trend in pricing.
Taylor Biggar, the Real Estate Board of Greater Vancouver (REBGV) Chair commented on these observations by saying, “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.”
February 2022 – Housing Market at a Glance
For February, the REBGV reported that residential home sales in the region totalled 3,424, an 8.1% drop from the 3,727 sales recorded in February last year, and a 49.8% increase from the 2,285 homes sold last month in January. February’s sales were 26.9% above the 10-year February sales average.
Across Metro Vancouver, there were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) last month. This represents an 8.4% increase compared to the 5,048 homes listed in February a year prior and a 31.2% gain over a few weeks ago when 4,170 homes were listed in January.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 6,742, a 19.3% drop compared to February 2021 (8,358) but a 19.1% increase compared to last month (5,663).
Biggar adds to last month’s trends, that “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”.
February 2022 – Sales-to-Active Listings Ratio and Composite Benchmark Price
For all property types, the sales-to-active listings ratio for February 2022 is 50.8%. When we break that down by property type, the ratio is:
• Detached homes: 34.9%
• Townhomes: 64.3%
• Apartments: 62.2%
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.
For all residential properties in Metro Vancouver, the MLS® Home Price Index composite benchmark price is currently $1,313,400. This represents a 20.7% increase over February last year and a 4.6% bump up from January just been.
Biggar goes on to comment, “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”.
February 2022 – Metro Vancouver Home Sales by Property Type
1,010 detached homes were sold last month in February, an 18% decrease from the 1,231 detached sales recorded a year ago in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25% increase from February last year and a 4.7% increase compared to January 2022.
1,854 apartments found new owners last month – 5.4% more compared to the 1,759 sales in February 2021. The benchmark price of an apartment property is $807,900. This represents a 15.9% increase from February last year and an increase of 4.1% compared to January 2022.
560 sales for attached homes were recorded last month, a 24% decrease compared to the 737 sales in the same month last year. The benchmark price of an attached unit is $1,090,000. This represents a 27.2% jump up from February 2021 and a 5.9% increase compared to January 2022.
If you have been keeping your eyes peeled for your next havn, with more properties becoming available it’s a great time to reach out to one of our market-leading REALTORS® to discuss opportunities and find a home that matches just what you’re looking for.
*Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.