Metro Vancouver home sales in February down 47 per cent over last year: REBGV

Metro Vancouver home sales were down by nearly half over last year but up from January, according to the Real Estate Board of Greater Vancouver.

Experts blame higher mortgage rates and a continued reluctance among buyers for the below-average sales activity.

Residential home sales last month totalled 1,808, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, but a 76.9 per cent increase from the 1,022 homes sold in January 2023, according to the REBGV report.

Last month’s sales were 33 per cent below the 10-year February sales average, according to the report.

Andrew Lis, the REBGV’s director, economics and data analytics, said with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year.