Low supply continues to limit Metro Vancouver home buyers

Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.

Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 per cent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 per cent compared to January 2017 when 1,523 homes sold.

Last month’s sales were 7.7 per cent below the 10-year February sales average.

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 per cent decrease compared to the 5,812 units listed in February 2016 and an 11.4 per cent decrease compared to January 2017 when 4,140 properties were listed.

This is the lowest number of new listings registered in February since 2003.

The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 per cent increase compared to January 2017 (7,238).

The region’s sales-to-active listings ratio for February 2017 is 31.9 per cent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 per cent decrease over the past six months and a 1.2 per cent increase compared to January 2017.

Sales of detached properties in February 2017 reached 745, a decrease of 58.1 per cent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 per cent decrease over the past six months and is unchanged compared to January 2017.

Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 per cent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 per cent increase over the past six months and a 2.7 per cent increase compared to January 2017.

Attached property sales in February 2017 totalled 404, a decrease of 33.1 per cent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 per cent decrease over the past six months and a 1.3 per cent increase compared to January 2017.

*Editor's Note

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

The Real Estate Board of Greater Vancouver is an association representing more than 13,400 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®.

April is the time of revival

Just like nature revives itself, it is also time for humanity to revive itself and realize its own lofty station of being. 

It's the time of recognizing that the source of all spiritual teachings are the same. The same Unknowable Source, the One Supreme Intelligence that governs the universe and connects everything and everyone to each other. 

Why separate each other from these bounties?

Let's celebrate each other's spiritual beliefs, which all come from the same One Unknowable "Supreme Intelligence", but just come at different times according to humanity's maturity.

Naw-Ruz (literal meaning: "New Day") is the name of the Iranian New Year, also known as the Persian New Year. It is believed to be created by Zoroaster, a great teacher from Iran, about 5600 years ago.

The Persian Calendar is considered as one of the most accurate calendars in the world. It is the traditional festival of Spring, which starts at the exact moment of the vernal equinox.

The exact beginning of Spring 2017, in Vancouver and the North American West Coast, is on Monday March 20, 2017 at 03:28:40 AM.

The Persian culture celebrates this moment with prayers and resolutions for the New Year. The celebration goes on for 13 days and is practiced by visiting each others relatives and friends at their homes.

Naw-Ruz is considered as the start of the New Year not only among Iranians but also 10 other countries: 

The Chinese New Year is one of the most ancient and beautiful cultural celebrations in the world. We should admire China's rapid development in these past two decays and be inspired to bring every country to the same pace. Happy Year of the Rooster!