News Release

FOR IMMEDIATE RELEASE:

Steady demand and low supply benefits home sellers
VANCOUVER, BC – March 3, 2020 – February saw steady home buyer demand and reduced

home seller supply across Metro Vancouver*.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,150 in February 2020, a 44.9 per cent increase from the 1,484 sales recorded in February 2019, and a 36.9 per cent 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.

“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace,” Ashley Smith, REBGV president said. “This was most pronounced in the condominium market.”

There were 4,002 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2020. This represents a 2.8 per cent increase compared to the 3,892 homes listed in February 2019 and a 3.4 per cent increase compared to January 2020 when 3,872 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,195, a 20.7 per cent decrease compared to February 2019 (11,590) and a 6.7 per cent increase compared to January 2020 (8,617).

"Our Realtors are reporting increased traffic at open houses and multiple offer scenarios in certain pockets of the market. If you’re considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices," says Smith.

For all property types, the sales-to-active listings ratio for February 2020 is 23.4 per cent. By property type, the ratio is 17.3 per cent for detached homes, 26.9 per cent for townhomes, and 28.4 per cent 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,020,600. This represents a 0.3 per cent increase over February 2019 and a 2.7 per cent increase over the past six months.

Sales of detached homes in February 2020 reached 685, a 52.9 per cent increase from the 448 detached sales recorded in February 2019. The benchmark price for a detached home is $1,433,900. This represents a 0.7 per cent decrease from February 2019 and a 1.9 per cent increase over the past six months.

Sales of apartment homes reached 1,061 in February 2020, a 39.8 per cent increase compared to the 759 sales in February 2019. The benchmark price of an apartment property is $677,200. This represents a 0.9 per cent increase from February 2019 and a 3.6 per cent increase over the past six months.

Attached home sales in February 2020 totalled 404, a 45.8 per cent increase compared to the 277 sales in February 2019. The benchmark price of an attached home is $785,000. This represents a 0.6 per cent increase from February 2019 and a 1.7 per cent increase over the past six months.

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*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

The real estate industry is a key economic driver in British Columbia. In 2019, 25,351 homes changed ownership in the Board’s area, generating $1.8 billion in economic spin-off activity and an estimated 12,910 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $25.3 billion in 2019.

The Real Estate Board of Greater Vancouver is an association representing approximately 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

Here are some schools that may be of interest in the following area(s):

North Vancouver : 54 schools
West Vancouver : 21 schools

Schools - Kindergarten to Grade 8

St Alcuin College for the Liberal Arts
200-1046 St. Georges Ave
North Vancouver

Seymour Heights StrongStart Centre
2640 Carnation St
North Vancouver

Montroyal StrongStart Centre
5310 Sonora Dr
North Vancouver

Boundary StrongStart
750 26th St E
North Vancouver

Mulgrave School
2330 Cypress Bowl Lane
West Vancouver

Eagle Harbour StrongStart Centre
5575 Marine Dr
West Vancouver

St Edmund's
535 Mahon Ave
North Vancouver

Holy Trinity School
128 27th St W
North Vancouver

Caulfeild Elementary
4685 Keith Rd
West Vancouver

Ecole Cedardale
595 Burley Dr
West Vancouver

Eagle Harbour Montessori
5575 Marine Dr
West Vancouver

Gleneagles Elementary
6350 Marine Dr
West Vancouver

Chartwell Elementary
1300 Chartwell Dr
West Vancouver

Cypress Park Primary
4355 Marine Dr
West Vancouver

Irwin Park Elementary
2455 Haywood Ave
West Vancouver

Ecole Pauline Johnson Elementary
1150 22nd St
West Vancouver

Hollyburn Elementary
1329 Duchess Ave
West Vancouver

Cleveland Elementary
1255 Eldon Rd
North Vancouver

Ross Road Elementary
2875 Bushnell Pl
North Vancouver

Carisbrooke Elementary
510 Carisbrooke Rd E
North Vancouver

Braemar Elementary
3600 Mahon Ave
North Vancouver

Westcot Elementary
760 Westcot Rd
West Vancouver

Upper Lynn Elementary
1540 Coleman St
North Vancouver

Queensbury Elementary
2020 Moody Ave
North Vancouver

Eastview Elementary
1801 Mountain Hwy
North Vancouver

Highlands Elementary
3150 Colwood Dr
North Vancouver

Canyon Heights Elementary
4501 Highland Blvd
North Vancouver

West Bay Elementary
3175 Thompson Pl
West Vancouver

Norgate Community Elementary
1295 Sowden St
North Vancouver

Ridgeview Elementary
1250 Mathers Ave
West Vancouver

Seymour Heights Elementary
2640 Carnation St
North Vancouver

Queen Mary Community Elementary
230 Keith Rd W
North Vancouver

Lynn Valley Elementary
3207 Institute Road
North Vancouver

Ridgeway Elementary
420 8th St E
North Vancouver

Westview Elementary
641 17th St W
North Vancouver

Capilano Elementary
1230 20th St W
North Vancouver

Hollyburn StrongStart Centre
1329 Duchess Ave
West Vancouver

Cove Cliff Elementary
1818 Banbury Rd
North Vancouver

Dorothy Lynas Elementary
4000 Inlet Cres
North Vancouver

Lynnmour Elementary School
800 Forsman Ave
North Vancouver

Blueridge Elementary
2650 Bronte Dr
North Vancouver

Boundary Elementary
750 26th St E
North Vancouver

Brooksbank Elementary
980 13th St E
North Vancouver

Larson Elementary
2605 Larson Rd
North Vancouver

Sherwood Park Elementary
4085 Dollar Rd
North Vancouver

Montroyal Elementary
5310 Sonora Dr
North Vancouver

North Star Montessori Elementary School
1325 Keith Rd E
North Vancouver

St Pius X Elementary School
1150 Mount Seymour Rd
North Vancouver

Kenneth Gordon
420 Seymour River Pl
North Vancouver

St Anthony's
595 Keith Rd
West Vancouver

Cousteau L'Ecole Francaise Interna'le
3657 Fromme Rd
North Vancouver

Westview StrongStart Centre
1660 Bewicke Ave
North Vancouver

Vancouver Waldorf School
2725 St. Christopher's Rd
North Vancouver

Lions Gate Christian Academy
919 Tollcross Rd
North Vancouver

Collingwood School
70 Morven Dr
West Vancouver

Lynnmour StrongStart Centre
800 Forsman Ave
North Vancouver

Eastview StrongStart Centre
1801 Mountain Hwy
North Vancouver

Norgate StrongStart Centre
1295 Sowden St
North Vancouver

Brockton Preparatory School
3467 Duval Rd
North Vancouver

Andre-Piolat
380 Kings Rd W
North Vancouver

Schools - Grade 9 to Grade 12

West Vancouver Inglewood Secondary
1750 Mathers Ave
West Vancouver

St Alcuin College for the Liberal Arts
200-1046 St. Georges Ave
North Vancouver

Mulgrave School
2330 Cypress Bowl Lane
West Vancouver

Bodwell High School
955 Harbourside Dr
North Vancouver

Sentinel Secondary
1250 Chartwell Dr
West Vancouver

West Vancouver Secondary
1750 Mathers Ave
West Vancouver

St Thomas Aquinas
541 Keith Rd W
North Vancouver

Windsor Secondary
931 Broadview Dr
North Vancouver

Argyle Secondary
1131 Frederick Rd
North Vancouver

Handsworth Secondary
1044 Edgewood Rd
North Vancouver

Rockridge Secondary
5350 Headland Dr
West Vancouver

Sutherland Secondary
1860 Sutherland Ave
North Vancouver

North Vancouver Distributed Learning
3365 Mahon Ave
North Vancouver

Seycove Secondary Community
1204 Caledonia Ave
North Vancouver

Mountainside Secondary
3365 Mahon Ave
North Vancouver

Carson Graham Secondary
2145 Jones Ave
North Vancouver

Kenneth Gordon
420 Seymour River Pl
North Vancouver

Vancouver Waldorf School
2725 St. Christopher's Rd
North Vancouver

Lions Gate Christian Academy
919 Tollcross Rd
North Vancouver

Collingwood School
70 Morven Dr
West Vancouver

Brockton Preparatory School
3467 Duval Rd
North Vancouver