With fewer home sellers wanting to list their homes for sale and below-average sales activity in February, the available homes for sale in the metro Vancouver continued to inch upwards.
The Real Estate Board of Greater Vancouver (REBGV) reported 1,808 residential home sales in the region for February 2023 - a 47.2% decreased from the 3,424 sales compared to February 2022. The total home sales for the month were 76.9% increase from the 1,022 homes sold in January 2023.
Last month’s sales were 33 per cent below the 10-year February sales average.
Sales-to-active Lisitngs Ratio
For all property types, the sales-to-active listings ratio for February 2023 was 23%. By property type, the ratio was 16.8% for detached homes, 30.1% for townhomes, and 25.8% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. Other than detached homes, the markets for townhuses and condos are holding on to their current elevated prices.
In spite to highrer mortgage interest rates, there are no signs of home sellers under mortgage repayment pressure to list their homes for sale. if you are researching the housing market and interested to find homes for sale, you can browse the links here for Richmond detached homes, townhouses and condos for sale.
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