February 2016 Market is Still Hot

According to a Real Estate Board of Greater Vancouver Report, February 2016 was the highest selling February on record for the Metro Vancouver housing market, a 56.3% above the 10-year sales average for the month.

“We’re beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today’s demand,” REBGV president McLeod said.

The sales-to-active listings ratio for February 2016 is 57.2%.

Analysts say home prices often experience upward pressure when it reaches the 20% to 22% per cent range in a particular community for a sustained period of time. The Sales-to-Active ratio has been above 24% since February 2015.

We are seeing single family houses and townhouses being sold for more than the tax assessment values. One mortgage specialist commented that he’s seen price that is as high as $1 million dollars above the tax assessment price for a house!

Where is the market heading? Only time will tell. In the meanwhile, we will keep track of the sales-to-active listings ratio to have a gauge on the supply and demand for housing in Greater Vancouver.