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New listings rose in Vancouver last month, easing pressure

Greater Vancouver Realtors reported a notable surge in new listings during February, signaling a positive shift in the local real estate landscape. As home sellers overcame their hesitance, both the number of new listings and home sales experienced an encouraging uptick.

In February, home sales in the Greater Vancouver area climbed by 13.5 percent compared to the same period last year, reaching a total of 2,070 transactions. Despite this increase, it is essential to note that the current figure still falls short of the 10-year seasonal average by 23.3 percent, indicating a deviation from the typical market trends.

A substantial contributing factor to this evolving real estate scenario is the surge in new listings. The region witnessed a significant influx of 4,560 new listings comprising detached, attached, and apartment properties last month. This represents a remarkable surge of 31.1 percent compared to the same month in the previous year. Importantly, this surge brings the current number of listings almost in line with the 10-year seasonal average, underscoring the changing dynamics in the local housing market.

In terms of pricing, the composite benchmark home price in Greater Vancouver rose to $1,183,300, reflecting a 4.5 percent increase from the previous year. Additionally, there was a modest uptick of 1.9 percent compared to January. These figures indicate a steady appreciation in property values, aligning with the broader trends observed in the region.

Andrew Lis, the Director of Economics and Data Analytics at Greater Vancouver Realtors, sheds light on the implications of this positive trend. According to Lis, the increase in new listings is a promising development that holds the potential to alleviate some of the pressure that accumulated in the market during January. This influx of listings not only provides more options for prospective buyers but also signifies a more balanced and dynamic real estate landscape.

As the market dynamics continue to evolve, the surge in new listings is expected to have a positive impact on buyers. The increased inventory not only offers more choices but also provides a reprieve from the intensity observed in the previous month. The shifting landscape is particularly significant as it aligns with the approaching spring season, traditionally a time when real estate activities tend to gain momentum.

In conclusion, the surge in new listings in Greater Vancouver during February has brought about a positive change in the real estate market. The increase in both home sales and listings indicates a more dynamic and balanced landscape, offering hope for buyers and sellers alike. As the market heads into the spring season, the newfound momentum is poised to shape the trajectory of the local real estate sector in the coming months.



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