Buyers Enjoy Increased Selection, Lower Prices

The Real Estate Board of Greater Vancouver (REBGV) reports an increase in housing inventory and a decrease in home prices, resulting in positive conditions for buyers.

"For much of the past four years, we've been in a sellers' market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market," Phil Moore, REBGV president said. "This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions."

There were 11,590 homes listed for sale on the MLS® system in Metro Vancouver in February, a 48.2 percent increase compared to February 2018. Meanwhile, residential home sales lagged at 1,484 in February, a 32.8 percent decrease from February 2018 sales.

"Homes priced well for today's market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being," Moore said.

Sales of detached homes in February 2019 reached 448, a 27.9 percent decrease from the 621 detached sales recorded in February 2018, while the benchmark price for detached properties decreased by 9.7 percent to $1,443,100.

Sales of apartment homes dropped by 35.9 percent to 759 in February 2019 as the benchmark price, at $660,300, dropped by 4 percent from February 2018. Attached home sales in February 2019 totaled 277, a 30.9 percent decrease compared to February 2018 sales, while the benchmark price of $789,300 was 3.3 percent less than in February 2018.

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