METRO VANCOUVER

Sales downward slide reverses; market ready for Spring demand

Metro Vancouver residential sales this past February ended their lengthy downward slide, registering a 4.9% month-over month increase with a total of 541 transactions. While still down almost 10% from the same period last year, and close to 29% below the 10-year seasonal average, the current reversal bodes well for the coming season.  New listings, on the other hand, showed a month-over-month decrease of 8.2% in February. Still lower by 6.4% compared with the same period one year ago, these new listings were 7.1% above the 10-year seasonal average. February’s total of 4,734 new listings, following January’s huge spike with more than 5,100 new listings for the first month of the year, left Metro Vancouver’s total available inventory at the end of the February with an excellent supply of 13,545 homes, 37% higher than the 10-year seasonal average. As Spring approaches, the Metro Vancouver market is in good shape to meet the normally anticipated rise in demand, although a general climate of economic uncertainty continues in the country, and the current war in the Middle East will produce an increase in prices that will be felt by consumers at the gas pumps. The Bank of Canada’s next policy rate announcement is scheduled for next week on March 18. Currently at 2.25%, the central bank’s key rate underpinning commercial variable rate mortgages has stable for since October 2025, and many leading economists expect this rate to remain in place until the end of 2026, with some speculating it will rise another 25 to 50 basis points in 2027. Ratehub.ca shows the best five-year variable rate mortgage in Canada is now 3.35%, and the lowest five-year fixed rate, which are determined by the bond market, is listed at 3.69%. Home prices in Metro Vancouver have also continued to drop for several months. Notably, the average price of Metro Vancouver home is now 7.0 % lower than one year ago. It is an opportune time to make home purchase before prices begin to return to the historical levels. At the end of February, the composite benchmark price for a residential property in Metro Vancouver was $1,100,300, a decline of 0.2% from the preceding month.

Please review my monthly selection of comparative benchmark prices in different areas of Metro Vancouver below.  For each property type you will find the three average prices on each side of the overall benchmark. The extremities of each average will give you an idea of the range of prices making up the average. The month-over-month prices changes typically reflect fluctuations based on the recent relative market activity. These averages are only a guide. If you are interested in exploring a particular neighbourhood, please call me. I can provide the most up-to-date information on the most recent listings. And if you would like to list your home for sale, I can provide a Customized Market Analysis for our property and advise you on the optimal asking price in the current market conditions.   

 

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of February was $1,835,900, a decrease of 0.8% from the preceding month. The range of this average extended from $2,935,900 in West Vancouver to $835,000 on the Sunshine Coast.  The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North $1,878,100, a decrease of 3.2% from the preceding month; Port Moody at $1,965,200, a decrease of 1.6% from the preceding month; and Richmond at $1,987,200, a decrease of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,691,000, an increase of 1.0% from the preceding month; Port Moody at $1,769,800, an increase 1.9% from the preceding month (Squamish is omitted here because it is too far out for my clients); and Coquitlam at $1,610,900, a decrease of 2.2% from the preceding month. 

Townhouses

The benchmark price for a townhouse in Metro Vancouver at the end of February was $1,046,100, an increase of 0.2% from the preceding month. The range of this average extended from $1,624,900 in Whistler to $716,300 on Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: North Vancouver at $1,253,800. A decrease of 1.3% from the preceding month; Vancouver West at 1,424,100, an increase of 1.9% from the preceding month; and Whistler at $1,24.900, a decrease of 1.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,040,400, an increase of 0.3% from the preceding month; Richmond at $1,031,600, a decrease of 0.1% from the preceding month; and Coquitlam at $998,400, an increase of 1.6% from the preceding month.

Condominiums           

The benchmark price for a condominium in Metro Vancouver at the end of February was $708,200, an increase of 0.5% from the preceding month. The range of this average extended from $1,193,300 in West Vancouver to $469,700 on the Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $721,900, a decrease of 2.6% from the preceding month; Burnaby South at $768,500, an increase of 0.3% from the preceding month; and North Vancouver at $768,700, a decrease of 1.5% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $695,700, an increase of 0.1% from the preceding month; Burnaby North at $689,600, a decrease 1.5% from preceding month; and Richmond at $672,700, an increase of 1.4% from the preceding month.

Let me help

There are many ways I can help you with your real estate transactions. Please let me know how I can help in these challenging times. You may need help in managing your home ownership plans, or in adjusting your financial strategy for a home purchase. Perhaps you are thinking of listing your home for sale and want to understand the market to set your asking price. Let me help. I have a post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.