Greater Vancouver sees surge in detached home sales in February, prices flat

Greater Vancouver home sales continued to pick up steam in February while prices remained steady, according to the Real Estate Board of Greater Vancouver.

The agency’s latest statistics showed February home sales up nearly 45 per cent from the same month last year, though still 15.6 per cent below the 10-year average.

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The number of homes newly listed last month was up 2.8 per cent from February 2019, while the total number of homes on the market was down more than 20 per cent from the same month last year.

The spike in sales was led by increased activity in the detached home segment, with sales surging almost 53 per cent over February 2019.

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The benchmark price across the region for a detached home was $1.43 million in February, down 0.7 per cent year-over-year and up 0.2 per cent from January.

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Prices varied significantly across the region. Whistler (15.7 per cent) and Squamish (10.1 per cent), North Vancouver (3 per cent) and Port Coquitlam (2.4 per cent) saw noticeable price growth year-over-year.

Detached homes in post other parts of the region saw declines, led by Bowen Island (8.4 per cent) the Sunshine Coast (7.8 per cent), Tsawwassen (4.5 per cent) and South Burnaby (4.2 per cent).

Condo sales were also strong across the region, up 39.8 per cent over February 2019. The benchmark price for an apartment region-wide was $677,200, up 0.9 per cent year-over-year, and 2.1 per cent from January.

Port Moody (4 per cent), Coquitlam (3 per cent), North Vancouver (2.3 per cent) and North Burnaby (2.2. per cent) saw the biggest annual price growth for condos.

Squamish (6.9 per cent), West Vancouver (4.8 per cent), Tsawwassen (3.3 per cent) and Port Coquitlam (3.1 per cent) saw the biggest annual dips in condo prices.