Housing Market Moves Towards Traditionally Busier Spring Season

VANCOUVER, B.C. – March, 2, 2012 –

Residential property sales in Greater Vancouver reach 2, 545 on the MLS system February 2012 which represents a 61.4% increase from last month. However, this was a 17.8% decrease from last year and 2.9 from February 2010.

February 2012 listing count was the second highest February total in Greater Vancouver since 1996. “Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR because pricing can vary considerably depending on the neighborhood and property type,” Setticasi said.

The MLS HPI (Home price index) benchmark price currently for all residential properties in Greater Vancouver sits at $670,000 up 6% compared to last year and an increase of 0.9% since last month. The benchmark price for all of Lower Mainland is $601,300 which is an increase of 5.5% compared to last year. Sales of detached properties reached 1,101, a decline of 15.4% since last year and a decrease of 5% from February 2010. Sales of apartment properties declined by 15.4% from last year and 5% from two years ago. Lastly, townhome property sales totaled 424, a decline of 13.3% from last year and 1.9% increase from February 2010. The benchmark prices of detached properties, apartments, and townhome properties increased by 10.5%, 2.8% and 0.7% respectively.