Metro Vancouver home prices continue to surge as market ‘remains significantly undersupplied’: REBGV

Prices for all home types increased more than 20% on average year-over-year, as the number of listings is down almost the same amount

The benchmark price for detached homes jumped 25% to $2,044,800 year-over-year in February | Photo: Western Investor

Short housing supply in Metro Vancouver continues to push prices higher, further exacerbating affordability challenges in the region, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV). 

The number of homes listed for sale on the MLS system was down 19.3% year-over-year in February, with a total of 6,742 listings this past month, compared with 8,358 in the same period last year. 

The average home price across the region jumped 20.7% over the past year, bringing the benchmark price to $1,313,400. This is 4.6% higher than in January, although the number of listings between January and February grew 31.2%.

“Despite having a higher volume of people listing their homes for sale in February, the regions’s housing market remains significantly undersupplied, which has been pushing home prices to new highs month-after-month,” said REBGV chair Taylor Biggar. “A lack of housing supply is at the heart of affordability challenges in Metro Vancouver today.

“We need more coordinated action from stakeholders at all levels to help create an ample, diverse supply of housing options for residents in the region today and into the future.”

The benchmark price for detached homes jumped 25% to $2,044,800, with a total of 1,010 units changing hands – a drop of 18% compared with February 2021.

For attached homes, the benchmark price soared 27.2% year-over-year, reaching $1,090,000. The total number of sales in the month reached 1,854, which is an increase of 5.4%

Apartments saw a benchmark price increase of 15.9%, reaching $807,900. A total of 737 units of this home type were sold in the month, which represents a 24% drop. 

REBGV data includes sales and prices for Vancouver, West Vancouver, North Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Richmond, Port Moody, the Sunshine Coast, Whistler, Squamish, Pitt Meadows, Maple Ridge and South Delta. It does not include Langley or Surrey.