February’s Residential Housing Market
Buying a home can take time.
For current buyers, there’s even more inventory to consider, a housing pool that is continuing to inch upwards across Metro Vancouver*. Although residential options have risen, February’s home sales were down 33% on the 10-year February sales average.
Andrew Lis, Director of Economics and Data Analytics at the Real Estate Board of Greater Vancouver (REBGV) commented on recent activity by saying, “It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year. On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”
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