Vancouver home sales fall as market conditions more balanced in February: board

Greater Vancouver realtors says home sales declined in the Vancouver area last month, as market conditions were in more balanced territory. New single-family houses under construction are seen in an aerial view, in Delta, B.C., on Monday, Aug. 12, 2024. THE CANADIAN PRESS/Darryl Dyck

VANCOUVER — Home sales declined in the Vancouver area last month, as the city's real estate board says market conditions were in balanced territory amid a moderate increase in new listings.

Greater Vancouver home sales totalled 1,827 in February, down 11.7 per cent on a year-over-year basis and 28.9 per cent below the 10-year seasonal average for the month.

There were 5,057 newly listed properties on the market, a 10.9 per cent increase from February 2024, which followed a more dramatic growth of over 46 per cent the previous month.

Greater Vancouver Realtors director of economics and data analytics Andrew Lis says that after the rush of new supply in January, both home sales and new listings in February were closer to historical averages.

He says that given the potential Bank of Canada rate cut expected later this month, homebuyers "may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times."

The composite benchmark price in February was $1,169,100, down 1.1 per cent from a year earlier and 0.3 per cent below January.

This report by The Canadian Press was first published March 4, 2025.

The Canadian Press