The Real Estate Board of Greater Vancouver says the market is heating up so fast that home sales in the region doubled between January and February and have climbed by more than 70 per cent since last year.
The board revealed Tuesday that February sales in the B.C. region totalled 3,727, a 73.3 per cent increase from the 2,150 sales recorded the year before and a 56 per cent spike from the 2,389 homes sold the month before.
The month's sales were so strong that REBGV said they were 42.8 per cent higher than February's 10-year sales average and are helping the market shift in favour of sellers.
"The supply of listings for sale isn’t keeping up with the demand we’re seeing,” said Colette Gerber, REBGV's chair, in a release.
“Competition amongst home buyers is causing multiple offer situations and upward pressure on prices."
Her board said the total number of homes listed for sale during February was 8,358, a 9.1 per cent decrease compared to the 9,195 in the year prior and 0.6 per cent increase from the month before.
The region also saw 5,048 new listings in February, up from 4,002 the year prior.
Townhomes, Gerber said, were experiencing the region's most pronounced case of supply outstripping demand.
For all property types, she said the sales-to-active listings ratio for the month was 44.6 per cent, but townhomes alone had a ratio of 61.8 per cent.
The sales-to-active listings ratio was about 41 per cent for both detached homes and apartments.
Home prices often experience upward pressure when the ratio surpasses 20 per cent over several months.
The MLS home price index composite benchmark for Metro Vancouver reached just over $1 million in February, a 6.8 per cent increase from the year before and a 2.6 per cent jump from the prior month.
COVID-19 and economic measures were fuelling some of the frenzy, said Gerber.
“Low interest rates remain a key driver in today’s market," she said.
"We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market."