February was another cautious month in the Vancouver real estate market.
While there were lots of signs that our market had stabilised and was picking up momentum at the tail end of 2024, that shifted in the New Year...and this softer, weaker market has now become the new trend.
Demand remained softer than expected with 510 sales. This was nearly +23% more than January (but down -18.3% from a year ago). The thing is, that wasn't as much of an increase into February as we normally see...and so these 510 sales are well off (-34.8%) the 10-year average.
New Listings increased to 1,621 which was down -9.8% from last month and just +10.8% higher than last year (this was +12.3% over the 10-year average). In the meantime, Total Active Listings rose to 4,089 (+6.9% from last month and +23.1% over a year ago). This is a very substantial +38.3% over the 10-year average.
So we find ourselves with stalling demand (sales) and increasing supply. As we approach spring it's normal to see New Listings flood...
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.