Market Update Spring 2019

VANCOUVER, BC – March 4, 2019 – The Metro Vancouver* housing market saw increased

supply from home sellers and below average demand from home buyers in February.

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.

“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 3,892 detached, attached and apartment properties newly listed for sale on the

Multiple Listing Service® (MLS®) in Metro Vancouver in February 2019. This represents a 7.8

per cent decrease compared to the 4,223 homes listed in February 2018 and a 19.7 per cent

decrease compared to the 4,848 homes listed in January 2019.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is

11,590, a 48.2 per cent increase compared to February 2018 (7,822) and a 7.2 per cent increase

compared to January 2019 (10,808).

For all property types, the sales-to-active listings ratio for February 2019 is 12.8 per cent.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below

the 12 per cent mark for a sustained period, while home prices often experience upward pressure

when it surpasses 20 per cent over several months.

“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. “REALTORS® continue to

experience more traffic at open houses. We’ll see if this trend leads to increased sales activity

during the spring market.”

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.

Sales of detached homes in February 2019 reached 448, a 27.9 per decrease cent from the 621

detached sales recorded in February 2018. The benchmark price for detached properties is

$1,443,100. This represents a 9.7 per cent decrease from February 2018, a 7.6 per cent decrease

over the past six months, and a 0.7 per cent decrease compared to January 2019.

Sales of apartment homes reached 759 in February 2019, a 35.9 per cent decrease compared to

the 1,185 sales in February 2018. The benchmark price of an apartment property is $660,300.

This represents a four per cent decrease from February 2018, a 5.1 per cent decrease over the

past six months, and a 0.3 per cent increase compared to January 2019.

Attached home sales in February 2019 totalled 277, a 30.9 per cent decrease compared to the 401

sales in February 2018. The benchmark price of an attached unit is $789,300. This represents a

3.3 per cent decrease from February 2018, a 6.7 per cent decrease over the past six months, and a

1.4 per cent decrease compared to January 2019.

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*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

The real estate industry is a key economic driver in British Columbia. In 2018, 24,619 homes changed ownership in the Board’s area, generating $1.7 billion in economic spin-off activity and an estimated 11,720 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $26 billion in 2018. The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit