A steady demand and a low supply of houses set the tone for a busy housing market in Vancouver in February, with sales increasing both monthly and annually, according to the latest report from Real Estate Board of Greater Vancouver (REBGV).

Over the month, residential sales in the region hit 2,150, representing a 44.9% increase from last year and 36.9% from the previous month. However, the sales recorded in the month were still 15.6% below the February average.

“Homebuyer 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,” said Ashley Smith, president of REBGV.

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There were 1,061 sales of apartments in the month, a 75.9% jump from last year. Prices for this property type went up by 0.9% annually to $677,200.

In the detached homes segment, sales reached 685 over the month, up by 52.9% from last year. The segment’s benchmark price decreased over the month, albeit only slightly at 0.7% to $1.43m.

Attached home sales also increased on an annual basis, up by 45.8% to 404. Homes in this segment had a benchmark price of $785,000 in February, which was a 0.6% increase from last year.

Over the month, there was a 2.8% increase in new listings in Metro Vancouver. Despite this, the total number of listings in the region still fell by 20.7% to 9,195.

“Our realtors are reporting increased traffic at open houses and multiple offer scenarios in certain pockets of the market. If you’re considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices,” Smith said.

Strong Demand Boosts House Sales in Vancouver by Gerv Tacadena | Canadian Real Estate Wealth