Low supply and snow limit Vancouver-area home sales in February

By The Canadian Press
March 2, 2017 - 11:03am

VANCOUVER — Home sales across Metro Vancouver were down dramatically in February compared with last year’s record-breaking pace, while prices across the region remained more stable.

The Greater Vancouver Real Estate Board says a limited supply of listings and an unusually snowy start to the year affected the market.

It says residential sales totalled 2,425 in February, an almost 42-per-cent plunge from February 2016.

But sales in February were up about 59 per cent from January.

The board says the number of properties that changed hands was 7.7 per cent below the 10-year sales average for February.

The board says the benchmark price for detached properties was about $1.47 million, down 6.5 per cent over the previous six months.

Prices for condos and townhomes climbed marginally over January, reflecting limited supply.

“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand,” board president Dan Morrison said in a statement. “This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets.”

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