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Metro Vancouver homebuyers hold the power in current market

The latest report by the Real Estate Board of Greater Vancouver said while more homes were listed for sale, there was below-average demand.

Homebuyers appear to be the ones with power in the current market.

February saw more supply from homesellers and below-average demand from homebuyers, meaning buyers are likely taking their time and considering their options.

Residential sales last month totalled 1,484, a 32.8-per-cent drop from the same month in 2018 (2,207 sales), but a 34.5-per-cent increase from January 2019 (1,103 sales). However, February remained 42.5-per-cent below the 10-year February sales average.

“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” said REBGV president Phil Moore.

“This means that homebuyers face less competition today, have more selection to choose from and more time to make their decisions.”

The number of homes newly listed for sale in February — including detached, attached and apartments — fell 7.8 per cent from the same month in 2018 and fell 19.7 per cent from January.

In total, there are currently 11,590 homes listed for sale across Metro Vancouver — an almost 50-per-cent increase compared to a year ago.

The sales-to-active listings ratio for last month is 12.8 per cent. Analysts generally say downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period.