February 2020 Vancouver Real Estate Market Update
Average Home Price Up $30,000 Since September
The average home price in Vancouver increased for a fifth month in a row with the median sales price now at $1,020,600. This represents a $30,000 increase since the September 2019 low of $990,600. This also represents a $2,700 or 0.3% increase over this time last year, marking the first time Vancouver homes have posted year-over-year gains dating back to October 2018.
Home sales in the region totalled 2,150 in February 2020, a 44.9% increase from the 1,484 sales recorded in February 2019, and a 36.9% increase from the 1,571 homes sold in January 2020.
Last month’s sales were 15.6 per cent below the 10-year February sales average.
For all property types, the sales-to-active listings ratio for February 2020 is 23.4%. By property type, the ratio is 17.3% for detached homes, 26.9% for townhomes, and 28.4% for apartments.
Generally, analysts say 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.
AVERAGE HOME PRICE OVER PAST 12 MONTHS
Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.)
Sales of detached properties in February 2020 reached 62, a 44.2% increase from February 2019. The benchmark price for detached properties is $2,914,000. This represents a 3.8% decrease from February 2019.
Sales of Townhomes in February 2020 reached 34, a 61.9% increase from February 2019. The benchmark price for Townhome is $1,131,400. This represents a 0.6% increase from February 2019.
Sales of Condos in February 2020 reached 261, a 40.3% increase from February 2019. The benchmark price for condo properties is $796,100. This represents a 1.5% increase from February 2019.