The number of homes sold in Metro Vancouver last month reached the highest level on record for a February, the Real Estate Board of Greater Vancouver announced March 2.
A total of 4,172 homes were sold in the month, which represents an increase of 36.3% compared with February 2015. This was also 56% above the 10-year average for February sales. The benchmark price for all home types increased 22% over the year to $795,500.
“We’re in a competitive, fast-moving market cycle that favours home sellers,” said REBGV president Darcy McLeod.
“Sustained home buyer competition is keeping upward pressure on home prices across the region.”
For detached properties alone, the benchmark price jumped 27% to $1,305,600. In total, 1,778 homes of this type sold in the month – an increase of 37%.
The benchmark price for attached properties increased 17% to $569,600 and the price of apartment properties grew 18% to $454,600.
REBGV data does not include Surrey or Langley. It does include sales in Vancouver, North Vancouver, West Vancouver, Burnaby, Coquitlam, New Westminster, Richmond, Port Moody, Port Coquitlam, Pitt Meadows, Maple Ridge, South Delta, Whistler, Squamish and the Sunshine Coast.
References:
https://www.biv.com/article/2016/3/vancouver-home-sales- hit-record-february-sellers-m/ ?utm_source=BIV+Newsletters& utm_campaign=c61afcc067- Weekly_Real_Estate_March_2_ 20163_2_2016&utm_medium=email& utm_term=0_6d3015fdef- c61afcc067-210798317
