{"id":5108,"date":"2017-03-06T10:10:17","date_gmt":"2017-03-06T18:10:17","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5108"},"modified":"2017-03-03T15:03:42","modified_gmt":"2017-03-03T23:03:42","slug":"metro-vancouver-home-listings-hit-14-year-february-low","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/03\/metro-vancouver-home-listings-hit-14-year-february-low\/","title":{"rendered":"Metro Vancouver Home Listings Hit 14-Year February Low"},"content":{"rendered":"<p style=\"text-align: justify;\">There haven\u2019t been this few new Metro Vancouver home listings in February since 2003, according to the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">Last month, the area saw a total of 3,666 new listings for detached, attached and apartment units, which is a 36.9% decrease compared to the 5,812 units listed in February 2016, says the board\u2019s most recent statistical report.<\/p>\n<p style=\"text-align: justify;\">This continues the trend of inadequate home supply to meet demand, the board suggests.<\/p>\n<p style=\"text-align: justify;\">There were 11.4% fewer new homes listed in February than in the previous month, which saw 4,140 listings appear.<\/p>\n<p style=\"text-align: justify;\">Metro Vancouver home sales in February fell 7.7% below the 10-year average for the month.<\/p>\n<p style=\"text-align: justify;\">\u201cFebruary home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,\u201d says REBGV President Dan Morrison, in a statement.<\/p>\n<p style=\"text-align: justify;\">\u201cLimited supply and snowy weather were two factors hampering this activity,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Home sales in the region declined 41.9% last month compared to the same time last year. A total of 2,425 dwellings changed hands.<\/p>\n<p style=\"text-align: justify;\">While transactions were down on a year-over-year basis, February was a busier month for home sales than January. February home sales soared 59.2% over activity recorded the previous month, when 1,523 homes sold.<\/p>\n<p style=\"text-align: justify;\">With high demand for housing in the region, REBGV\u2019s Morrison says the limited housing supply is affecting pricing in the market.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today\u2019s demand,\u201d says Morrison.<\/p>\n<p style=\"text-align: justify;\">\u201cThis is why we\u2019ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Metro Vancouver did see an uptick in the total number of residential properties listed for sale on the Multiple Listing Service (MLS) last month, with 7,594 homes listed, up 4% from a year ago and 4.9% over January.<\/p>\n<p style=\"text-align: justify;\">Last month, the region\u2019s sales-to-active listings ratio, calculated by dividing sales by February\u2019s active listings and expressed as a percentage, saw a 10-point increase from January 2017, at 31.9%.<\/p>\n<p style=\"text-align: justify;\">Generally, if a ratio falls below the 12% mark for an extended time, there will generally be downward pressure on home prices. Upward pressure typically occurs when the ratio stays above 20% over a prolonged period.<\/p>\n<p style=\"text-align: justify;\">Over the past six months, the MLS Home Price Index composite benchmark price for all Metro Vancouver residences fell 2.8%, sitting at $906,700, but saw a 1.2% increase compared to January 2017.<\/p>\n<p style=\"text-align: justify;\">In all, 745 detached homes sold in Metro Vancouver last month, a massive 58.1% drop from February 2016.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for detached homes was $1,474,200, unchanged from the previous month but down 6.5% from the past six months.<\/p>\n<p style=\"text-align: justify;\">In February 2017, the region\u2019s condo apartment sales saw a 28.8% decline with 1,275 units sold, compared to the 1,790 sales in February 2016.<\/p>\n<p style=\"text-align: justify;\">The benchmark price of condo apartments was $526,300, a 2.3% increase over the past six months and a 2.7% increase compared to January.<\/p>\n<p style=\"text-align: justify;\">Metro Vancouver attached home sales plummeted 33.1% in February from the heights reached in activity a year earlier. Just 404 of these homes sold last month.<\/p>\n<p style=\"text-align: justify;\">Currently, the benchmark price of an attached home is $675, 500, which is a 0.3% decrease over the past six months and a 1.3% increase since January 2017.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/03\/metro-vancouver-home-listings-hit-14-year-february-low.html\" target=\"_blank\">Metro Vancouver Home Listings Hit 14-Year February Low<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There haven\u2019t been this few new Metro Vancouver home listings in February since 2003, according to the Real Estate Board of Greater Vancouver (REBGV). Last month, the area saw a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/03\/metro-vancouver-home-listings-hit-14-year-february-low\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-5108","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Home Listings Hit 14-Year February Low &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/03\/metro-vancouver-home-listings-hit-14-year-february-low\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Home Listings Hit 14-Year February Low &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"There haven\u2019t been this few new Metro Vancouver home listings in February since 2003, according to the Real Estate Board of Greater Vancouver (REBGV). Last month, the area saw a &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/metro-vancouver-home-listings-hit-14-year-february-low\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/metro-vancouver-home-listings-hit-14-year-february-low\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Metro Vancouver Home Listings Hit 14-Year February Low\",\"datePublished\":\"2017-03-06T18:10:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/metro-vancouver-home-listings-hit-14-year-february-low\\\/\"},\"wordCount\":541,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/metro-vancouver-home-listings-hit-14-year-february-low\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/metro-vancouver-home-listings-hit-14-year-february-low\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/03\\\/metro-vancouver-home-listings-hit-14-year-february-low\\\/\",\"name\":\"Metro Vancouver Home Listings Hit 14-Year February Low &#8226; 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