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\n(Real estate updates from real estate boards are always one to two months behind. Transactions need to close in order to be counted in a month\u2019s outcomes. In March, it is the January and\/or February stats that are reported.<\/p>\n
\nToday, on March 4th, the U.S. tariffs on Canada began. Canadian business leaders are of the opinion that the proposed counter retaliatory tariffs from Canada are political and not necessarily productive. The outcome of tariffs for each province will be different and are not yet fully understood. <\/p>\n
\nBelow, is the Vancouver Board February market report. Since 2016, the main buyer profile on Salt Spring has been a purchaser from Vancouver). <\/p>\n<\/div>\n
\n After a 46 per cent year-over-year increase of new listings in January, the number of newly listed properties on the MLS\u00ae in Metro Vancouver* rose more moderately in February helping keep market conditions in balanced territory.\n <\/p>\n
\n The Greater Vancouver REALTORS\u00ae (GVR) reports that residential sales in the region totalled 1,827 on Metro Vancouver\u2019s Multiple Listing Service\u00ae (MLS\u00ae) in February 2025, an 11.7 per cent decrease from the 2,070 sales recorded in February 2024. This total was 28.9 per cent below the 10-year seasonal average (2,571).\n <\/p>\n
\n\n \u201cAfter the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,\u201d Andrew Lis, GVR\u2019s director of economics and data analytics said. \u201cWith a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.\u201d\n <\/p>\n<\/blockquote>\n<\/div>\n
\n\n There were 5,057 detached, attached and apartment properties newly listed for sale on the MLS\u00ae in February 2025. This represents a 10.9 per cent increase compared to the 4,560 properties listed in February 2024. This was 11.6 per cent above the 10-year seasonal average (4,530).\n <\/p>\n
\n The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 12,744, a 32.3 per cent increase compared to February 2024 (9,634). This is also 36.4 per cent above the 10-year seasonal average (9,341).\n <\/p>\n
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- Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2025 is 14.8 per cent.<\/li>\n
- By property type, the ratio is 10.7 per cent for detached homes, 18.5 per cent for attached, and 16.8 per cent for apartments.<\/li>\n<\/ul>\n<\/div>\n
\n\n Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.\n <\/p>\n
\n\n \u201cBalanced market conditions typically bring a flatter price trajectory, and we\u2019ve seen prices across all segments remain in a holding pattern for the past few months,\u201d Lis said. \u201cBut with the active spring season just around the corner, it will be interesting to see whether buyers take advantage of some of the most favorable market conditions seen in years, and whether sellers change their willingness to bring their properties to market.\u201d\n <\/p>\n<\/blockquote>\n
\n The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,169,100. This represents a 1.1 per cent decrease over February 2024 and a 0.3 per cent decrease compared to January 2025.\n <\/p>\n<\/div>\n
\n\n Sales of detached homes in February 2025 reached 477, a 14.8 per cent decrease from the 560 detached sales recorded in February 2024. The benchmark price for a detached home is $2,006,100. This represents a 1.8 per cent increase from February 2024 and is virtually unchanged compared to January 2025.\n <\/p>\n
\n Sales of apartment homes reached 976 in February 2025, a 10.6 per cent decrease compared to the 1,092 sales in February 2024. The benchmark price of an apartment home is $747,500. This represents a 2.8 per cent decrease from February 2024 and a 0.1 per cent decrease compared to January 2025.\n <\/p>\n
\n Attached home sales in February 2025 totalled 359, a 10.9 per cent decrease compared to the 403 sales in February 2024. The benchmark price of a townhouse is $1,087,100. This represents a 1.2 per cent decrease from February 2024 and a 1.7 per cent decrease compared to January 2025.\n <\/p>\n<\/div>\n<\/div>\n