The Lower Mainland housing market appears to be heating up.
According to the Real Estate Board of Greater Vancouver, there was a 21-percent increase in multiple-listing-service sales for residential properties in February over the same month in 2014. And the board’s benchmark price for all residential properties reached $649,700 last month, which is 6.4 percent above the benchmark in February 2014.
The benchmark price for single-family detached homes on Vancouver’s West Side was $2.4 million last month, up 12 percent over the figure in February 2014. On the East Side, the benchmark rose 13.2 percent to $990,800 for single-family detached homes.
The benchmark for apartments was $504,800 on the West Side and $318,500 on the East Side. There was a wide range in February benchmark prices for apartments across the Lower Mainland: New Westminster ($281,500), Burnaby North ($348,300), Burnaby South ($410,000), Burnaby East ($426,800), North Vancouver ($362,400) West Vancouver ($660,500), Richmond ($347,900), Coquitlam ($259,200), Port Moody ($342,500), Ladner ($317,300), and Tsawwassen ($326,800).
The benchmark price for townhouses on the West Side reached $761,300, up 9.1 percent over a year ago. On the East Side, the benchmark for townhouses in February was $528,700, which was six-percent higher than the same month in 2014.
Surrey, North Delta, and Langley are not part of the REBGV, so prices in those areas were not included in the statistics.
The 3,061 transactions last month in the REBGV was 60 percent above the figure in January. The REBGV also reported that February home sales were 20.2 percent above the 10-year average for that month.
Meanwhile, there was also a sharp increase in new listings for all types of residential: 5,425 in February. That’s 15.4-percent higher than the same month in 2014. New listings in February were 11.8 percent above the 10-year average.