February 2022 continued the trend of high demand and low supply.
The month of February is usually a quieter month of activity. It's typically only in the latter half of the month that we start to see activity levels ramp up in anticipation of the Spring Market.
As we saw last month, however, the market appears to have anticipated spring early with sales and new listings hitting at a much higher pace than "normal".
Sales jumped to 1,027...a big 47% increase from the previous month, and just 3% higher than a year ago. But most significantly, that is 22% HIGHER than the 10-year average.
New Listings also rose to 1,715. The second highest number in this category we've seen in the last 10 years (the highest being 1,763 in 2015). This was 17% over the previous month and 15% above a year ago...and 14% over the 10-year average.
The Total Active Listings lagged, however. That number reached 2,760 which was up 6% from the previous month and down 8% from a year ago. BUT, it was 11% BELOW the 10-year average.
As I mentioned last month...if this trend (demand up and supply down) continued it would push prices up...and this past month's numbers reflected that reality.
Many property types were up over 4% in a SINGLE month (East Van and Westside townhouses and East Van condos for example).
The most in demand segments of the market continue to be "affordable" and "local" price points. Investors are incredibly active...to the point that downtown condos are finally joining the "party" as well.
The slower segment of the market continues to be at the luxury end, or higher price-points no matter the market segment.
Despite so much uncertainty...from interest rates, rumoured government interventions, and the Ukraine...the Vancouver real estate market continues to push forward.
Given these levels of activity, I expect that we will have a busier than normal spring. But I believe that seller's will be the ones that continue to have the upper hand for at least the coming months.