Spring Hits Early with Vancouver Home Sales Up 21% in February: REBGV

Chris Burns Vancouver Real Estate

vancouver-skyline-blossomLike the Fraser Valley, the Greater Vancouver spring housing market leaped into action in February, with sales up 21 per cent year over year, according to Real Estate Board of Greater Vancouver (REBGV) figures released March 3.

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The region’s 3,061 sales were also 20.2 per cent over the 10-year average, as 2015’s spring market heated up early on the back of falling interest rates and rising buyer demand, and switched to a seller’s market.

The sharp rise in sales pushed the benchmark price for a residential property in Greater Vancouver up to $649,700, a rise of 6.4 per cent compared with February 2014. This is higher than average compared with the annual lifts seen in benchmark prices every month for the past year.

After townhouses and other attached properties outstripped growth of detached homes in January, single-family homes in Greater Vancouver regained their highest-growth position in February.

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Source: Rew.ca