|
After a 46 per cent
year-over-year increase of new listings in January, the number of newly
listed properties on the MLS® in Metro Vancouver* rose more moderately in
February helping keep market conditions in balanced territory.
The Greater Vancouver
REALTORS® (GVR) reports that residential sales in the region totalled
1,827 on Metro Vancouver’s Multiple Listing Service® (MLS®) in February
2025, an 11.7 per cent decrease from the 2,070 sales recorded in February
2024. This total was 28.9 per cent below the 10-year seasonal average
(2,571).
“After the rush of new
listings in January, home sales and new listings in February were closer
to historical averages, which has positioned the overall market in
balanced conditions,” Andrew Lis, GVR’s director of economics and data
analytics said. “With a potential Bank of Canada rate cut on the table
for mid-March, homebuyers may find slightly improved borrowing conditions
while enjoying the largest selection of homes on the market since
pre-pandemic times.”
There were 5,057
detached, attached and apartment properties newly listed for sale on the
MLS® in February 2025. This represents a 10.9 per cent increase compared
to the 4,560 properties listed in February 2024. This was 11.6 per cent
above the 10-year seasonal average (4,530).
The total number of
properties currently listed for sale on the MLS® system in Metro
Vancouver is 12,744, a 32.3 per cent increase compared to February 2024
(9,634). This is also 36.4 per cent above the 10-year seasonal average
(9,341).
Across all detached,
attached and apartment property types, the sales-to-active listings ratio
for February 2025 is 14.8 per cent. By property type, the ratio is 10.7
per cent for detached homes, 18.5 per cent for attached, and 16.8 per
cent for apartments.
Analysis of the
historical data suggests downward pressure on home prices occurs when the
ratio dips below 12 per cent for a sustained period, while home prices
often experience upward pressure when it surpasses 20 per cent over
several months.
“Balanced market
conditions typically bring a flatter price trajectory, and we’ve seen
prices across all segments remain in a holding pattern for the past few
months,” Lis said. “But with the active spring season just around the
corner, it will be interesting to see whether buyers take advantage of
some of the most favorable market conditions seen in years, and whether
sellers change their willingness to bring their properties to market.”
The MLS® Home Price Index
composite benchmark price for all residential properties in Metro
Vancouver is currently $1,169,100. This represents a 1.1 per cent
decrease over February 2024 and a 0.3 per cent decrease compared to
January 2025.
Sales of detached homes
in February 2025 reached 477, a 14.8 per cent decrease from the 560
detached sales recorded in February 2024. The benchmark price for a
detached home is $2,006,100. This represents a 1.8 per cent increase from
February 2024 and is virtually unchanged compared to January 2025.
Sales of apartment homes
reached 976 in February 2025, a 10.6 per cent decrease compared to the
1,092 sales in February 2024. The benchmark price of an apartment home is
$747,500. This represents a 2.8 per cent decrease from February 2024 and
a 0.1 per cent decrease compared to January 2025.
Attached home sales in
February 2025 totalled 359, a 10.9 per cent decrease compared to the 403
sales in February 2024. The benchmark price of a townhouse is $1,087,100.
This represents a 1.2 per cent decrease from February 2024 and a 1.7 per
cent decrease compared to January 2025.
CLICK HERE TO DOWNLOAD THE
STATS PACKAGE
|
