Does the news mark a real estate slowdown or just a seasonal shift?
Home sales in the Vancouver area fell in February as the local real estate market experienced more balanced conditions and a moderate increase in new listings, according to the region’s real estate board.
The Greater Vancouver Realtors reported that home sales totalled 1,827 last month, marking an 11.7% decline compared to February 2024. The figure was also 28.9% below the 10-year seasonal average for February, indicating a slowdown in market activity.
At the same time, the number of newly listed properties reached 5,057, reflecting a 10.9% rise from the same period last year. This followed a significant surge in January, when new listings jumped by more than 46%, The Canadian Press noted.
Andrew Lis, director of economics and data analytics at Greater Vancouver Realtors, said the February figures suggest a shift toward more typical market conditions following the surge in supply at the start of the year.
Market watchers are also keeping an eye on the Bank of Canada’s upcoming decision on interest rates. A potential rate cut later this month could provide some relief for buyers, according to Lis.
He said homebuyers “may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.”
Despite the changes in sales and listings, home prices showed slight movement. The composite benchmark price for all residential properties in the region stood at $1,169,100 in February. That figure represents a 1.1% decrease from the previous year and a 0.3% drop from January.
The latest data highlights a cooling real estate landscape in Vancouver, where supply is increasing while demand appears to be stabilizing. Industry experts suggest the coming months will provide further clarity on whether borrowing costs and economic conditions will reinvigorate the market or keep it in a period of adjustment.
How do you see the market evolving in the coming months? Share your thoughts in the comments below.
