The Greater Vancouver real estate market saw steady home sales activity, modest increases in home listings, and continued upward pressure trends on pricing.
Residential home sales in the region totaled 3,424 in February 2022, an 8.1% decrease from February 2021, and a 49.8% increase from January 2022. Last month’s sales were 26.9% above the 10-year February average.
We did see an increase in the number of listings which is welcoming news to many. The total number of homes currently listed for sale on MLS in Greater Vancouver is 6,742 which is a 19.1% increase from January 2022.
Let’s look into the Burnaby & Tri-Cities markets specifically:
Burnaby:
- Detached: 4% increase in the benchmark price with homes selling at 54%.
- Townhomes: 4.3% increase in the benchmark price with homes selling at 60%.
- Condos: 4.7% increase in the benchmark price with homes selling at 82%.
Coquitlam:
- Detached: 4.1% increase in the benchmark price with homes selling at 39%.
- Townhomes: 6.8% increase in the benchmark price with homes selling at 128%.
- Apartments: 5.4% increase in the benchmark price with homes selling at 91%.
Port Moody:
- Detached: 4% increase in the benchmark price with homes selling at 65%.
- Townhomes: 5.9% increase in the benchmark price with homes selling at 220%.
- Apartments: 3.8% increase in the benchmark price with homes selling at 87%.
Port Coquitlam:
- Detached: 6.5% increase in the benchmark price with homes selling at 91%.
- Townhomes: 8% increase in the benchmark price with homes selling at 146%.
- Apartments: 4.8% increase in the benchmark price with homes selling at 133%.
Looking towards the future:
With increased inventory, we have noticed a slight shift in the market with home buyers spread out between more available options: fewer showings and offers across most product types.
The Bank of Canada did, in fact, increase the overnight lending rate by 0.25% on March 2nd, 2022 which in turn, will increase variable rates by this amount. This is intended to bring stabilization to asset classes in effort to control inflation.
The Greater Vancouver real estate market remains in a strong seller’s market, however, as we move into the Spring, homebuyers should have more options and a less difficult time securing properties they have an interest for.
