February 2017 market update video featuring Board President Dan Morrison.

February 2017 Market Summary

February 2017 Market Summary

Click to view our February 2017 market update video featuring Board President Dan Morrison.

 

Here's the video's minutes:

Reluctance of amongst Metro Vancouver's Home Sellers is impacting sales and price activity across the region.

3 key housing market indicators:

Sales: down 41.9% from February 2016 or 7.7% below the 10 year average

Listings: 7594 total listings in February 2017, up 5% from January 2017, and 4% higher from this time last year (Feb 2016)
However new listings are at a historic low for the month. Only 3666 new home listings were in February 2017, making it the lowest February of new listings in 14 years (since 2003).

Prices: benchmark price for all residential homes in Metro Vancouver is $906,700 in February 2017. This is up 1% from January 2017. and 14% up from February 2016. The 1% price increase from January is the first price gain we’ve seen in the past 6 months.

To undestand this, we review our Sales-To-Active Listings Ratio.

  • 31.9% in February 2017
  • 21.0% in January 2017

So to refresh  your memory:

  • A Buyer’s Market is when this ratio is below 12%.
  • A Seller’s Market is when the ratio surpasses 20% for several months.

 

 

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