{"id":382,"date":"2022-03-03T16:34:44","date_gmt":"2022-03-03T21:34:44","guid":{"rendered":"https:\/\/www.millerwark.com\/blog\/?p=382"},"modified":"2022-03-07T16:37:06","modified_gmt":"2022-03-07T21:37:06","slug":"february-2022-market-highlights","status":"publish","type":"post","link":"https:\/\/www.millerwark.com\/blog\/february-2022-market-highlights\/","title":{"rendered":"February 2022 Market Highlights"},"content":{"rendered":"

Listings inch up, demand remains steady and price gains continue in Metro Vancouver\u2019s housing market in February<\/p>\n

 <\/p>\n

VANCOUVER, BC \u2013 March 2, 2022 \u2013 The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.<\/p>\n

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,424 in February 2022, an 8.1% decrease from the 3,727 sales recorded in February 2021, and a 49.8% increase from the 2,285 homes sold in January 2022.<\/p>\n

Last month\u2019s sales were 26.9% above the 10-year February sales average.\u201cAs we prepare to enter what\u2019s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,\u201d Taylor Biggar, REBGV Chair said.<\/p>\n

There were 5,471 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in February 2022. This represents an 8.4% increase compared to the 5,048 homes listed in February 2021 and a 31.2% increase compared to January 2022 when 4,170 homes were listed.<\/p>\n

The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 6,742, a 19.3% decrease compared to February 2021 (8,358) and a 19.1% increase compared toJanuary 2022 (5,663). \u201cDespite having a higher volume of people listing their homes for sale in February, the region\u2019s housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month,\u201d Biggar said.<\/p>\n

For all property types, the sales-to-active listings ratio for February 2022 is 50.8%. By property type, the ratio is 34.9% for detached homes, 64.3% for townhomes, and 62.2% for apartments.<\/p>\n

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n

The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400. This represents a 20.7% increase over February 2021 and a 4.6% increase compared to January 2022.<\/p>\n

\u201cA lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future,\u201d Biggar said.<\/p>\n

Sales of detached homes in February 2022 reached 1,010, an 18% decrease from the 1,231 detached sales recorded in February 2021. The benchmark price for detached properties is $2,044,800. This represents a 25% increase from February 2021 and a 4.7% increase compared to January 2022.<\/p>\n

Sales of apartment homes reached 1,854 in February 2022, a 5.4% increase compared to the 1,759 sales in February 2021. The benchmark price of an apartment property is $807,900. This represents a 15.9% increase from February 2021 and a 4.1% increase compared to January 2022.<\/p>\n

Attached home sales in February 2022 totalled 560, a 24% decrease compared to the 737 sales in February 2021. The benchmark price of an attached unit is $1,090,000. This represents a 27.2% increase from February 2021 and a 5.9% increase compared to January 2022.<\/p>\n

For more market insights check out www.rebgv.org\u00a0<\/a><\/p>\n

\"\" \"\" \"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Listings inch up, demand remains steady and price gains continue in Metro Vancouver\u2019s housing market in February   VANCOUVER, BC \u2013 March 2, 2022 \u2013 The Metro Vancouver* housing market … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":49,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,35,2],"tags":[],"class_list":["post-382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights","category-real-estate-news","category-real-estate-tips"],"yoast_head":"\nFebruary 2022 Market Highlights - MW Insider<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.millerwark.com\/blog\/february-2022-market-highlights\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"February 2022 Market Highlights - 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