February 2018 brought record snowfall to the Lower Mainland and Fraser Valley areas in contrast to our soggy January.
This chill is also indicated in the Lower Mainland housing market as houses in particular have seen a drastic drop in the number of sales. February's sales of houses were almost 40% below the 10 year average for February. Levels like this have not been seen for many years. Despite this statistic, the Housing Price Index (HPI) for Lower Mainland houses crept up by 0.4% over January's HPI.
As a side note, the HPI numbers are based on the completion date of the sales, rather than the date that the sales contract became firm and binding. This means that there is a lag of 1 to 3 months in the HPI as most sales contracts allow this amount of time between the contract becoming firm and the transfer of the Title with the new owners taking possession.
For example, last month's HPI numbers are based on sales that could have happened from October to January.
The Fraser Valley sales were still above the 10 year average, with an almost equal division between attached and detached sales (52% of the total sales were townhouses and condos). The sales to active ratios for townhomes and condos were 67% and 75% respectively, while single family homes were around the 20% mark.
Here are a few tables to better show what the most recent market statistics are doing.
As an example of reading the statistics below: for one bedroom units in Metro Vancouver, 49 of the 68 sales (72%) were at or above the asking price (104.1% of the asking price, on average) and were on the market for an average of 10 days in the last week of February.
Red numbers means the number is lower than the previous month.
Blue numbers mean that the number is higher than the previous month.
Green numbers mean that the number is the same as last month.
Metro Vancouver Attached Property Sales in the last week of February
# Sales at/over Asking | Total Sales | % of Sales at/over Asking | Type of Unit | % of Asking Price | Avg Days on Market |
| 2 | 4 | 50% | Studio (0 bdrm) | 99.9% | 6 |
| 49 | 68 | 72% | 1 bedroom | 104.1% | 10 |
| 79 | 104 | 76% | 2 bedroom | 102.7% | 13 |
| 23 | 38 | 61% | 3+ bedrooms | 100.4% | 23 |
| 153 | 214 | 71% | Total of all types | 99.2% | 24 |
Fraser Valley Attached Property Sales in the last week of February
# Sales at/over Asking | Total Sales | % of Sales at/over Asking | Type of Unit | Avg Paid over Asking | Avg Days on Market |
| 0 | 0 | 0% | Studio (0 bdrm) | 0.0% | - |
| 10 | 14 | 71% | 1 bedroom | 109.7% | 8 |
| 28 | 37 | 76% | 2 bedroom | 103.3% | 9 |
| 16 | 29 | 55% | 3+ bedrooms | 101.3% | 17 |
| 54 | 80 | 68% | Total of all types | 103.0% | 12 |
Metro Vancouver Detached Property Sales in the last week of February
# Sales at/over Asking | Total Sales | % of Sales at/over Asking | Sale Price of Home | % of Asking Price | Avg Days on Market |
| 9 | 18 | 50% | $0 to $999,999 | 100.0% | 13 |
| 18 | 41 | 44% | $1M to $1.999M | 100.5% | 21 |
| 2 | 15 | 13% | $2M and up | 94.0% | 41 |
| 29 | 74 | 38% | Totals | 98.1% | 23 |
Fraser Valley Detached Property Sales in the last week of February
# Sales at/over Asking | Total Sales | % of Sales at/over Asking | Sale Price of Home | % of Asking Price | Avg Days on Market |
| 26 | 48 | 54% | $0 to $999,999 | 100.1% | 6 |
| 6 | 18 | 33% | $1M to $1.999M | 98.0% | 25 |
| 0 | 2 | 0% | $2M and up | 95.4% | 24 |
| 32 | 68 | 47% | Totals | 98.9% | 25
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From the REBGV's February Stats: (I've added the text within the brackets)
For all property types, the sales-to-active listings ratio for February 2018 is 28.2% (January was 26.2%, December was 26.0% and November was 32.0% so the trend overall is slightly upwards). By property type, the ratio is 13.0% for detached homes (January was 11.6%, December was 14.4% and November was 15.9%), 37.6% for townhomes (January was 32.8%, December was 38.8% and November was 36.4%), and 59.7% for condominiums (January was 57.2%, December was 59.6% and November was 67.8%).
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.
Included below are the latest statistics for real estate in the REBGV (Real Estate Board of Greater Vancouver) and FVREB (Fraser Valley Real Estate Board) areas. You will find a clickable link to each area below which will open up as a separate PDF file.
Click on the links (in blue) below for the statistics package for your area:
(The links each take a few second to open as they are files stored on my Google Drive.)
Here are the full statistic packages for: Greater Vancouver The Fraser Valley (which includes Surrey, North Surrey, South Surrey/White Rock, Cloverdale, Delta, Langley, Abbotsford, Chilliwack, and Mission.) Below is a link to a graph showing the rise in prices in the Lower Mainland just for resale properties (no new homes) over the last year. This link is live so it will update when the new statistics come in each month. LINK to live graph Please feel free to contact us if you would like specific information for your sub-area or if you would like a market evaluation of the value of your home.
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