Metro Vancouver saw 'modest increases' in the number of homes newly listed for sale in February, according to the Real Estate Board of Vancouver's latest monthly report

There were more home sales and new listings in Richmond last month, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV).

The uptick in sales and listings comes as Metro Vancouver saw “modest increases” in the number of homes newly listed for sale last month, and prices continued to trend upwards.

In February, there were 700 detached, attached and apartment homes newly listed for sale in Richmond in February, up from the 548 homes listed for sale in January.

Richmond also saw 398 detached, attached and apartment home sales last month, up from 339 sales in January. 

Across Metro Vancouver, residential home sales totalled 3,424 in February, a 49.8 per cent increase from the 2,285 homes sold in January and an 8.1 per cent decrease from the 3,727 sales in February 2021.

Listings across the region also increased, with 6,742 homes listed for sale last month, compared to the 5,663 listed in January – a 19.1 per cent increase. This number is, however, a 19.3 per cent decrease from February 2021’s 8,358 listings.

“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” said the REBGV Chair, in a statement.

However, while more people were listing their homes for sale in February, the region’s housing market “remains significantly undersupplied,”  which is “pushing home prices to new highs month after month.”

“A lack of housing supply is at the heart of the affordability challenges in Metro Vancouver today. We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future,” he said.

The composite benchmark price for all residential homes in Richmond is $1,212,600, a five per cent increase from January and a 20.3 per cent increase from February 2021.

For single family detached homes in Richmond, the benchmark price is $2,127,400, a 4.6 per cent increase from January and a 22 per cent increase over February 2021.

The composite benchmark price for all residential properties in Metro Vancouver is currently $1,313,400, a 4.6 per cent increase compared to January and a 20.7 per cent increase over February 2021.

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Source:  Richmond Review