A brutal blast of winter weather didn’t just cause chaos for commuters in Vancouver last month. It also intensified the chill across the city’s real estate market.
Sales in the once white-hot housing market plummeted 41.9 per cent year-over-year in February as 2,425 properties traded hands, according to new data from the Real Estate Board of Greater Vancouver.
“Limited supply and snowy weather were two factors hampering this activity," said REBGV President Dan Morrison in a statement Thursday.
Vancouver was battered by relentless snowfall in early February, starting on the third day of the month when a storm brought 12 centimetres. By February 7, there was 20 centimetres of snow still on the ground, according to Environment Canada data.
New listings sank 36.9 per cent year-over-year in February to 3,666 units -- the weakest level of new listings for the month of February since 2003, according to the real estate board. The dearth of new inventory helped prop up prices, as the benchmark price for a home in Metro Vancouver rose 14 per cent year-over-year to $906,700.
“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand," Morrison added. "This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets.