Home > Article > Lower Mainland real estate cooldown continues as sales drop 42% below 10-year average
Lower Mainland real estate cooldown continues as sales drop 42% below 10-year average
The board also says that despite a slight decrease in new listings, there was a growing inventory of homes on the market, up 42 per cent from February 2018 and seven per cent from January of this year.
Prices have also continued to dip.
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The benchmark price for a detached home across the region sat at $1.443 million in February, down nearly 10 per cent from February 2018 and 7.6 per cent over the last six months. Prices were down a slim 0.7 per cent from January.
For apartments, the regional benchmark price sat at $660,300 in February, down four per cent from February 2018 and 5.1 per cent from six months ago. This benchmark price was, however, up a slight 0.3 per cent from January.
Across the region, the key sales-to-active-listings ratio for detached homes sat at 8.5 per cent, while the same ratio was 15 per cent for townhomes and 17 per cent for condos.
According to the board, home prices tend to see downward pressure when the ratio dips below 12 per cent for a sustained period and tend to climb when the ratio pushes above 20 per cent for a sustained period of time.
For comparison, in February 2018, the ratio was 13 per cent for detached homes, 37.6 per cent for townhomes and 59.7 per cent for condos.
34 315 SCHOOLHOUSE STREET 1975 | 3 Beds| 2 Baths $629,000
309 2280 WESBROOK MALL 2005 | 1 Beds| 1 Baths $658,800
10668 141A STREET 2001 | 7 Beds| $1,600,000
6911 WHITEOAK DRIVE 2012 | 5 Beds| 6 Baths $2,199,000
1206 489 INTERURBAN WAY 2015 | 2 Beds| 1 Baths $757,000
5340 SPERLING AVENUE 1991 | 5 Beds| 6 Baths $2,800,000
701 8068 WESTMINSTER HIGHWAY 2010 | 2 Beds| 2 Baths $609,000
308 5028 KWANTLEN STREET 2006 | 3 Beds| 2 Baths $849,000