Things were indeed looking balanced in February. Sales took a 61.4 per cent leap, but listings actually declined after January's 16-year high. February's sales-to-active-listings ratio was over 18 per cent; a balanced market is considered anything between 15 and 20.
Last month's sales were the third-lowest February sales since 2002, but just 151 sales below the 10-year average.
What's Up, What's Down - At a Glance M/M Feb 2012/Jan 2012 Y/Y Feb 2012/Feb2011 Overall Sales +61.4% -17.8% - Detached +67.2% -21.5% - Attached +63.1% -13.3% - Apartment +55.3% -15.4% New Listings -3.5% -2.5% Current Listings +12% -17.9%
Benchmark Price (MLS® Home Price Index)
REBGB Market Stats for February
Greater Vancouver Benchmark prices for all types of resale home held pretty steady from January, with an average 0.9 per cent increase across the region. Tsawwassen prices increased the most -- by 4.2 per cent -- followed by Ladner (3.4 per cent), Bowen Island (3.1 per cent) and West Vancouver (2.7 per cent).
Benchmark prices went down by 3.5 per cent on the Sunshine Coast, and the only other decreases -- in Maple Ridge (-0.2 per cent) and Port Coquitlam -- were statistically insignificant.
The overall benchmark price for a home in Greater Vancouver is $670,900, up 5.5 per cent from February 2011 and up 16.8 per cent from five years ago.
Note that the REBGV's figures don't cover Surrey, Langley, Abbotsford and Chilliwack.
Within the area covered by REBGV, you'll find a huge range in benchmark prices. The lowest prices on the mainland are in Maple Ridge, where the benchmark price is $467,500 for a house, $270,600 for a townhouse and $183,400 for a condo. The highest benchmark prices -- to no one's surprise -- are in Vancouver West, where the typical detached house is pegged at $2,217,900, townhouse, $682,200 and condo, $470,500. West Vancouver actually beats Vancouver West in the last category. A typical West Van apartment will set you back $621,600.
Greater Vancouver Benchmark Prices % Change Feb 2012 Jan 2012 Feb 2011 Detached $1,042,900 +1.5% +10.5% Townhouse $472,800 +0.2% +0.7% Apartment $373,300 +0.6% +2.8%
You can watch the video below.
Things were indeed looking balanced in February. Sales took a 61.4 per cent leap, but listings actually declined after January's 16-year high. February's sales-to-active-listings ratio was over 18 per cent; a balanced market is considered anything between 15 and 20.
Last month's sales were the third-lowest February sales since 2002, but just 151 sales below the 10-year average.
