The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019. Last month’s sales were 42.5 per cent below the 10-year February sales average.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1 per cent decrease over February 2018, a 6.2 per cent decrease over the past six months, and a 0.3 per cent decrease compared to January 2019.
The Fraser Valley real estate market saw an increase in sales activity and overall inventory in February along with decreased prices in several of its communities. The Fraser Valley Real Estate Board processed 982 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 25.3 per cent increase compared to sales in January 2019, and a 29.1 per cent decrease compared to the 1,385 sales in February of last year. Of the 982 total sales, 354 were residential detached homes, 236 were townhouses, and 288 were apartments.
At $958,900, the HPI® Benchmark price for a single family detached home in the Fraser Valley increased 0.5 per cent compared to January 2019 and decreased 3.7 per cent compared to February 2018. At $516,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.2 per cent compared to January 2019 and increased 2.8 per cent compared to February 2018. At $409,700, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to January 2019 and decreased 3 per cent compared to February 2018.
Source: Fraser Valley Real Estate Board.