The Real Estate Board of Greater Vancouver reported that housing sales reached 2,530 units in February 2014, an increase of 40.8% compared to the same period last year, and an increase of 43.8% compared to January 2014. Last month, the benchmark price indicated by the Real Estate Board was $609,100, an increase of 3.2% compared to the same period last year.
Real Estate Board President Sandra Wyant stated that the rise in demand from homebuyers in February is due to the fact that spring is the peak season for the property market. Housing sales in February were close to the 10-year monthly average, but at the same time, the number of new listings decreased by 2.8% compared to the same period last year and fell by 12.1% compared to January.
In Calgary, the local government stated that from January to February this year, the growth rate of housing sales has slowed, but the total volume increased by 8.68% compared to the same period last year.
Calgary Real Estate Board Chief Economist Ann-Marie Lurie stated that the demand for detached houses has been limited by supply, and the number of new listings has fallen for the second consecutive month, further tightening the already undersupplied housing market.
In February 2014, the unadjusted benchmark price for a detached house in Calgary was $482,800, an increase of 1.28% from January, and a 9.1% increase compared to the same period last year.
