Live Chart  Average Monthly Residential Sales transactions from the Greater Vancouver-Fraser Valley & Chilliwack Real Estate Board

Metro Vancouver home sales drop nearly 10% as market settles into ‘new norm’

Home sales in Metro Vancouver remained subdued in February, as buyer demand and the pace of new listings slowed.  Greater Vancouver Realtors says 1,648 residential properties were sold in February, a 9.8 per cent decline from the 1,827 sales recorded during the same month last year. The total was also 28.7 per cent below the region’s 10-year seasonal average of 2,310 transactions. “With each passing data point, the pace of sales running well below long-term averages are no longer a surprise — it’s become the new norm,” said Andrew Lis, the board’s chief economist and vice-president of data analytics. Fewer listings are also entering the market The number of new listings also slipped compared with last February. There were 4,734 detached, attached and apartment properties newly listed on the MLS system in February, down 6.4 per cent from the 5,057 homes listed during the same month last year. Lis said the drop in listings was somewhat unexpected…

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