News

Vancouver sets housing price record for February, more inventory needed: board

VANCOUVER – Housing sales in Metro Vancouver last month set a record for the month of February, with a 36 per cent jump from a year earlier.

The Real Estate Board of Greater Vancouver says 4,172 homes were sold, representing a 56 per cent hike above the 10-year sales average for the month.

About 7,300 properties are currently listed for sale in Metro Vancouver, but that’s down nearly 39 per cent from February 2015.

Board president Darcy McLeod says additional housing supply is needed to meet demand in the current seller’s market.

Sales of detached properties last month also went up, by 37 per cent from February 2015.

The board says the price of a detached home increased by 27 per cent, to over $1.3 million.