February 2020 Housing Market Update

By: Cheryl Davie

February 2020 Housing Market Update

Tags: Homes in Vancouver, Vancouver Housing, Real Estate, February, Vancouver Dream Homes

As Inventory Stays Stagnant, Sales Activity Continues to Ramp Up
 

Vancouver rings in another month of double digit sales increases across the board, for all property types. Home sales totalled 2,150 - a 44.9% increase from the 1,484 sales recorded in February 2019, and a 36.9% increase from the 1,571 homes sold in January 2020.

Realtors are reporting the return of multiple offer scenarios, coupled with healthy open house turn outs. 

The number of newly listed homes was 2.8% higher than February 2019, yet inventory still seems unable to meet demand given the sheer volume of active buyers. Despite 4,002 properties having come to market, this is still about 5% lower than February of 2018.

 
Prospective sellers are encouraged to get their homes ready to show and on the market now. Give this increased demand, there is far less competition from other sellers than we are expected to see come the spring season.
 
Across Property Types, 23 Out of Every 100 Homes Are Selling
The overall sales-to-active ratio came in at 23.4%, which translates to 23 out of every 100 homes selling. This is a perfectly steady pace, especially compared to this time last year.

The sales-to-active ratio for detached homes shot up from 11% in January to 17%. This is an especially dramatic upturn compared to February 2018, when just 8 out of every 100 detached homes were selling.

The condo market remains the most active with a ratio of 28.4%, but townhomes are not far behind at 26.9%. Minimal price increases were noted for yet another month. Despite sustained buyer activity, over the last six months average prices both detached properties and townhomes have increased less than 2%, with condo prices only rising 3.6%. 

 

The Global Economic Outlook Feels Uncertain - How Will Canadian Real Estate Be Impacted?

Whether you’ve seen it on the news, or felt it in your own portfolio, it’s no secret that the stock market is suffering a swift reaction to the spreading Coronavirus.

Last week was the worst week for stocks since the financial crisis of October 2008. Analysts are warning we likely haven’t seen the worst yet, but the economic blow will be the largest for industries such as airlines, tourism and global supply chains that rely on Chinese components.

Luckily for Canadians, historically real estate has not been impacted by this kind of threat. The Financial Post noted earlier this month “Evidence from the 2003 SARS outbreak in Toronto suggests that the housing markets in Canada did not experience a noticeable adverse impact from SARS. The effect of coronavirus, if any, is likely to be moderate in the short run.”

Have questions? Want to know what buying or selling could look like for you this year? We're here to help. Get in touch today!

 

RECENT SALES

 
 
3126 W 32nd Avenue, Vancouver, BC 

A fabulous flat south facing 50x130 lot on a quiet tree-lined street with comfortable updated family home and lots of storage. Located in prestigious Mackenzie Heights and close to great schools such as Lord Kitchener, Prince of Wales, St. Georges and Crofton. Take an easy walk to Balaclava Park (with playground) and Mackenzie's market shops. The house has a main floor master bedroom with laundry, 2 bedrooms upstairs and the basement has a large 2 bedroom nanny or mortgage helper suite. Renovated in 2002 with high efficiency furnace, restored original hardwood, granite counters, 2 Valor gas fireplaces, wood shutters, a brand new hot water tank, bright sunny backyard with large deck and single detached garage with carport and more!
 
#301 - 175 E 4th Street, North Vancouver, BC

This original 1 bedroom, 1 bathroom, top floor south facing condo in Lower Lonsdale has views to the city, the harbour and out to Mount Baker. Includes a spacious balcony to enjoy the views, sunshine and the exquisite neighbourhood. Lower Lonsdale is the trendiest up and coming neighbourhood in the city. Within walking distance to the sea bus and The Ship Yards District which includes the new Joey's, Nook, Tap & Barrel, Boutique Seaside Hotel, and Lonsdale Quay. 
 

ACTIVE LISTINGS

 
#201 - 211 12th Street, New Westminster, BC

Welcome to Discover Reach, a well maintained and sought after building in vibrant New West. This convenient and central location is close to the skytrain, shops at the Quay, the boardwalk and fabulous restaurants on Columbia street. This corner unit features 2 bedrooms with a split layout designed for privacy and walkout from the master to the large, covered, west facing patio. Full updated kitchen (2018) complete with SS appliances and stone counters, the living space is open concept with bay window design and a cozy gas fireplace. Completed in 1998, this building includes a clubhouse/party room, bike room, storage and secure parking. It is well maintained with roof and balcony upgrades in 2013 and close to Lord Kelvin Elementary School.
 
https://www.youtube.com/watch?v=n5qMCBZFChM
 

Interested in what your home is worth?

Many people often wonder what their home is worth, and would rather do that without discussing with a realtor.  While we love to sit down with our clients, we also have an easy online tool that can give you a little suggestion as to what your house might be worth. 

Head on over to our website to see what your home is worth.