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Vancouver homes for sale are rising on below-par sales activity, one of the few bright spots in a market that remained sluggish in February.
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According to the Real Estate Board of Greater Vancouver (REBGV) monthly report, released March 2, sales in February were 33 percent below the 10-year average with a total of 1,808 homes sold in the region – down 47.2 percent from the previous year 3,424 sales in February 2022, but 76.9 percent more than the 1,022 homes sold in January.
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Entries in Metro Vancouver’s MLS system, meanwhile, rose to 3,467 homes, up 5.2 percent from January 2023’s 3,297 entries, but down 36.6 percent from February 2022’s 5,471 entries.
“It’s hard to sell what you don’t have and with new registration activity at some of the lowest levels in recent history, sales are struggling to reach levels typical for this time of year,” Andrew Lis, director of business and data analytics at REBGV, the report says. “On the plus side for potential buyers, the underperforming selling activity is causing inventory to build up, preventing market conditions from penetrating too deeply into sellers’ market territory, particularly in the lower-priced segments.”