The real estate market in Vancouver has not picked up any steam since it slowed down in the middle of 2016 in part due to a foreign-buyer tax introduced in August.

A total of 2,461 units were sold in February, which is down 42% year-over-year from 4,254 units sold in the same month last year. The total dollar volume of sales fell almost 48%, from almost $4.7 billion last year to less than $2.5 billion.

The average residential price has fallen a more modest 10%, from $1,104,133 in February 2016 to $995,583.

“While benchmark prices are down modestly from their August high, they appear to be creeping up again,” said BMO senior economist Robert Kavcic in a note to investors.

“The high end of the market has clearly been hit harder, and condos have driven the turn-of-the-year price gains.”

Kavcic pointed out that since listings have also fallen (they are down 37% in the past 12 months), the market remains somewhat balanced.

Across the province as a whole, 6,580 sales took place in the month – down 32% from last year. Total dollar sales were $4.5 billion, which was a decrease of almost 40%. The average price fell almost 12% to $688,117 from $779,419 last year.

“Consumer demand has returned to a more typical level over the first two months of the year,” said BCREA chief economist Cameron Muir.

“While home sales have declined nearly 32% from the extraordinary performance of a year ago, last month’s activity reflected the average for the month of February since the year 2000.”

BCREA Vancouver Real Estate Sales Remain Cool by Emma Crawford Hampel | Business in Vancouver