February 2019 Vancouver Real Estate Market Update

Metro Vancouver home sales were down 32.8% in February 2019 compared to February 2018, and were 42.5% below the 10-year February sales average

Sales of all properties in the Greater Vancouver Area reached 1,484 in February 2019, a 32.8% decrease from the 2,207 sales recorded in February 2018, and a 34.5% increase from the 1,103 homes sold in January 2019.

The total number of homes currently listed for sale on the MLS in Metro Vancouver is 11,590, a 48.2% increase compared to February 2018.

Vancouver West

Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.) we see the Detached market Average Price down 13.5% from February 2018, Townhomes down 3.3% and Condo's were down 6.2%

Breaking It Down By Housing Type

DETACHED HOMES

Sales of detached properties in February 2019 reached 44, a -17.0% decrease from February 2018. The benchmark price for detached properties is $3,029,200. This represents an -13.5% decrease from February 2018.

TOWNHOMES

Sales of Townhomes in February 2019 reached 21, a 38.2% decrease from February 2018. The benchmark price for Townhome is $1,208,500. This represents an 3.3% decrease from February 2018.

CONDOS

Sales of Condos in February 2019 reached 186, a 43.5% decrease from February 2018. The benchmark price for condo properties is $784,300. This represents a 6.2% decease from February 2018.

As a buyer, you have more supply to choose from than you've had in over 5 years.  The higher the price point you are looking at, the more likely it is you can negotiate on price and favourable terms.  Low Ball offers are becoming increasingly common, and some are being accepted. 

As a seller, make sure you are working with a professional Realtor who knows how to market your home extensively to maximize its exposure.  Price is the most important factor and if you need to sell, make sure to price ahead of the downward curve.   Smartly priced properties properties are still selling in the first week.

As an Investor, you know we are in the late stages of the Slump Phase and are targeting the properties and investment strategies that thrive in this environment.