VANCOUVER, B.C. – March 3, 2015 – Conditions within the Metro Vancouver* housing
market continued to strengthen in February as home sale and listing totals came in well above the
region’s ten-year average for the month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015. Last month’s sales were 20.2 per cent above the 10-year sales average for the month. “It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said. New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.
Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing
average for the month. The total number of properties currently listed for sale on the REBGV MLS® is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1 per cent increase compared to January
2015. The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $649,700. This represents a 6.4 per cent increase compared to February
The sales-to-active-listings ratio in February was 25.7 per cent. This is the highest that this ratio
has been in Metro Vancouver since March 2011. “We’re seeing more multiple offer situations and generally more traffic at open houses today,” Harris said. “In a market such as this, it’s important to do your homework and work with your local REALTOR® before embarking on your home buying and selling journey.”
Sales of detached properties in February 2015 reached 1,296, an increase of 25.6 per cent from
the 1,032 detached sales recorded in February 2014, and an 84.1 per cent increase from the 704
units sold in February 2013. The benchmark price for a detached property in Metro Vancouver
increased 9.7 per cent from February 2014 to $1,026,300.
Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 per cent
compared to the 1,032 sales in February 2014, and an increase of 63.7 per cent compared to the
760 sales in February 2013. The benchmark price of an apartment property increased 3 per cent
from February 2014 to $386,500.
Attached property sales in February 2015 totalled 521, an increase of 11.8 per cent compared to
the 466 sales in February 2014, and a 56.5 per cent increase from the 333 attached properties
sold in February 2013. The benchmark price of an attached unit increased 4.6 per cent between
February 2014 and 2015 to $481,500.
Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast,
Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
The real estate industry is a key economic driver in British Columbia. In 2014, 28,524 homes changed ownership in the Board’s area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $22 billion in 2014. The Real Estate Board of Greater Vancouver is an association representing nearly 12,000 REALTORS® and their companies.