Metro Vancouver home sales sluggish in February as prices keep falling

Real estate board says benchmark price of a detached home fell nearly 10 per cent year over year

The local real estate board says the benchmark price of a detached home in Metro Vancouver fell nearly 10 per cent year over year as more sellers listed properties, but house hunters continued to take their time in February.

The Real Estate Board of Greater Vancouver says nearly 28 per cent fewer detached properties sold last month compared with February 2018, and the benchmark price dropped 9.7 per cent to $1,443,100.

READ MORE: Provincial real estate body warns of ‘cracks’ in Canadian economy in 2019

Across all residential property types, sales dropped 32.8 per cent compared with a year ago and were 42.5 per cent below the 10-year February sales average.

The benchmark price for all residential properties fell 6.1 per cent to $1,016,600 over the same time frame, with condominium prices down four per cent to $660,300 and townhomes down 3.3 per cent to $789,300.

The board says sales for apartments fell nearly 36 per cent in February 2019 compared with the same month in 2018 and townhome sales declined nearly 31 per cent.

There were just shy of 3,900 new residential property listings last month — down 7.8 per cent compared with the same month the previous year — and the sales-to-active listings ratio for the month was 12.8 per cent.

The board says there is typically downward pressure on property prices when that ratio falls below 12 per cent “for a sustained period.”

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Langley author recounts service in the French Foreign Legion

Langley’s Joel Struthers aims to educate the public on what service looks like in the Legion.

Arrest in alleged parking lot assault at LMH

Langley RCMP investigating daylight incident

High school photo exhibit celebrates Aldergrove’s community

ACSS photography students showcased their work at Langley Arts Council’s grand opening last week.

Bertrand Creek Enhancement Society responds to town centre proposal

Society member Andrew Sigalet says the Janda Group’s plan is ‘the best proposal’ he’s seen to date

BC Ferries has no plans to implement debit for vehicle ticket payments

Debit accepted for foot passengers, on-board purchases for all vessels

VIDEO: RCMP ask kids to help name soon-to-be police dogs

13 German shepherd puppies will be born this year

B.C. wildfire prevention budget bulked up as dry spring unfolds

Night vision goggles tested for early detection effort

Vernon ordered to reinstate terminated firefighters caught having sex at work

City believes arbitration board erred, exploring options

Dozens of B.C. temperature records smashed as spring brings early warmth

Squamish Airport was the hottest spot in all of Canada on Monday

Hackers seek holes in B.C. Hydro power grid, auditor says

System meets standards, but local outages still a concern

B.C. RCMP stop cyclist with no helmet, find out he’s wanted for murder

Kyle Antonio Dias, 19, to face second-degree murder charge in Toronto

VIDEO: Vancouver police release video of 2018 assault in hopes of finding suspects

The attack happened at about 2 a.m. on Mar. 31, 2018, outside Pierre’s Champagne Lounge in Yaletown

British Columbia Teachers’ Federation welcomes new leader

Teri Mooring will take over as president this summer

Disappearance of Merritt cowboy now deemed suspicious: police

Ben Tyner was reported missing when his riderless horse was discovered on a logging road

Most Read