Home sales up 50 per cent in just one month in Vancouver area: real estate board

Growing real estate market in B.C.'s Fraser Valley Homebuyers across the Fraser Valley had plenty to choose from after a record-breaking number of listings were posted last month.

VANCOUVER — The Real Estate Board of Greater Vancouver says the region saw a 50 per cent jump between January and February in the number of homes sold, as the market experienced a modest increase in new listings.

The B.C. board says Metro Vancouver home sales totalled 3,424 last month, down 8.1 per cent from 3,727 in February 2021 and up 49.8 per cent from 2,285 in January 2022.

The board says last month’s sales were nearly 27 per cent above the 10-year February sales average and came as more people put their homes on the market.

There were 5,471 new listings last month, up 8.4 per cent from 5,048 in February 2021 and up 31.2 per cent from 4,170 in January 2022.

The home price index composite benchmark price for all residential properties in the region reached more than $1.3 million last month, a 20.7 per cent increase from last February and a 4.6 per cent increase from January of this year.

Taylor Biggar, the board's chair, says the numbers signal a return to a more traditional housing market after two years of pandemic conditions, but the market remains heated.

"Despite having a higher volume of people listing their homes for sale in February, the region’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,” he said, in a release.

This report by The Canadian Press was first published March 2, 2022.