March 3, 2018 8:49 am

February home sales numbers down

FILE - The REBGV says there were fewer home sales Feb 2018 than there were the same time last year.

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The Real Estate Board of Greater Vancouver says that home buyers weren’t very active in February as sales dipped below the long-term average.

It says last there were 2,207 sales in February, a 9 per cent dip compared to last year, and more than 14 per cent below the 10 year monthly average.

By property type, the board says detached properties were down more than 39 per cent, attached sales were down almost 7 per cent – but apartment sales were up 5.5 per cent.

READ MORE: It takes 29 years to save for a down payment in Vancouver, and prices just keep climbing

The REBGV says home sales in Feb 2018 were lower than Feb 2017.

Real estate Board of Greater Vancouver

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President Jill Oudil said low supply is partly to blame.

“If you look at the numbers, you’ll see that detached had gone down the most as far as number of sales, and then active, and then of course condos following. But there is definitely not enough supply in the active for attached and condos.”

“We have also seen the detached category, it’s moving into… more heading towards the buyers territory as far as a buyers market there, so that also would’ve affected the change in the numbers in the detached side.”

Oudil said that rising interest rates and stricter mortgage requirements have reduced purchasing power for home buyers, especially for those just entering the market.

As for the Spring, Oudil said March and April are typically the busier months for home buyers and sellers.

© 2018 Global News, a division of Corus Entertainment Inc.

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