While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year this February, bringing a significant number of newly listed properties to the market.
That’s according to the latest monthly market report by Greater Vancouver Realtors (formerly called the Real Estate Board of Greater Vancouver), which also notes residential sales in the region in February 2024 saw a 13.5 per cent increase from the sales recorded in February 2023. However, it was 23.3 per cent below the 10-year seasonal average.
“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” said Andrew Lis, director of economics and data analytics, in a news release.
With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets,” said Lis.
Standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory, Lis added.
According to the report, the benchmark price for a single-detached house in Ladner this February was $1,387,800. That’s almost unchanged from the previous month, while up 12.2 per cent from February 2023.
The benchmark price for a single-detached house in Tsawwassen last month was $1,567,400, which was up 1.5 per cent from the previous month. The benchmark price was also up 17.4 per cent from February 2023.
The February 2024 benchmark price for a townhouse in Ladner and Tsawwassen was $949,000 and $954,400 respectively. The benchmark price for a condo in Ladner and Tsawwassen was $682,700 and $671,000 respectively.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) says home sales in the Fraser Valley posted a second consecutive bump in February as new listings continue to rise and trend slightly above the 10-year seasonal average.
The FVRB recorded on its Multiple Listing Service this February a 32 per cent increase over January, but it was still 21 per cent below the 10-year average for sales in the region. New listings increased this February, up 18 per cent from January, and four per cent above the 10-year average.
According to the FVRB, the February 2024 benchmark price for a single-detached house in North Delta was $1,406.700. That was up 12 per cent from February 2023.
The benchmark price last month for a North Delta townhouse and condo was $873,600 and $575,000 respectively.
