Market Update for Metro & Greater Vancouver
“Listings inch up, demand remains steady and price gains continue in Metro Vancouver’s housing market in February,” says REBGV.
The Metro Vancouver housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February. Residential home sales in the region totalled 3,424 in February 2022, an 8.1 per cent decrease from the 3,727 sales recorded in February 2021, and a 49.8 per cent increase from the 2,285 homes sold in January 2022. Last month’s sales were 26.9 per cent above the 10-year February sales average.
“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,” Taylor Biggar, REBGV Chair said. “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.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7 per cent increase over February 2021 and a 4.6 per cent increase compared to January 2022.
“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,” Biggar said.
Market Indicator for Metro Vancouver
To view the year-to-date and historic statistics for Metro Vancouver (which includes: Downtown, Westside, Eastside, North Vancouver, West Vancouver, Richmond, Tsawwassen, and Ladner) CLICK HERE.
Market Indicator for Greater Vancouver
To view the year-to-date and historic statistics for Greater Vancouver (which includes: Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows, and Maple Ridge) CLICK HERE.
Market Update for Fraser Valley“Buyers of Fraser Valley real estate had significantly more inventory to choose from last month due to a record-breaking volume of new listings received for the month of February,” says FVREB.
The Fraser Valley Real Estate Board (FVREB) received 3,742 new listings in February, an increase of 75.3 per cent compared to January, and an increase of 14.6 per cent compared to February of last year. The previous highest February for new listings was 3,283 in 2016.
By month-end, February’s total active listings available for purchase were 3,790, a decrease of 8.0 per cent compared to the same month last year, however 62.5 per cent higher than what was available at the end of January. It’s the highest month-over-month increase in active listings in the Fraser Valley in 20 years.
“Although the market is still far from balanced, it is encouraging to see new listings increase again for the second month in a row,” said Fraser Valley Real Estate Board President, Larry Anderson. “We’re hopeful that this trend will be sustained leading into the spring season as more sellers come on stream to help soften the market and provide opportunities for the many buyers who’ve been sidelined over the past year and a half.”
“Buyers are looking for value for their real estate dollar and the Fraser Valley market still delivers compared to other regions throughout the Lower Mainland,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “That said, supply fundamentals continue to be the number one issue facing real estate markets in all regions across the province. Until there is a concerted effort to address inventory, buyers will continue to face challenging market conditions.”
To view the year-to-date and historic statistics for Fraser Valley (which includes: Surrey, South Surrey, White Rock, North Delta, Cloverdale, Langley, Abbotsford, and Mission) CLICK HERE.
Curious how the market is doing in your city? Whether you're looking to buy, sell, or invest in Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Surrey, Langley, or Abbotsford, these Lower Mainland market update statistics will give you insight into the Vancouver and Fraser Valley real estate markets.
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