The February market looks to be healthy. Inventory is a bit on the low side. 20.7% below last February. With a relatively strong sales volume (44.9% above February 2019, and 15.6% below the 10-year February sales average), prices in all three types of property increased last month.
The benchmark price for a detached home is up 0.2% for the last month but down 0.7% over the last 12 months at a price of $1,433,900. For apartments, the price is up 2.1% for the last month but only up 0.9% over the last 12 months at $677,200. And finally, for attached homes, the price is up 0.3% for the last month and up 0.6% for the last 12 months at $785,000.
The sales-to-active listing ratios show a general correlation with the price gains. A balanced ratio is between 12 and 20%. Higher means a greater demand and thus one would expect upward pricing pressure. The sales-to-active listing ratio for detached homes is 17.3%, for townhomes is 26.9% and for apartments it is 28.4%.
With the emergency rate cuts from the Bank of Canada due to the corona virus outbreak, the real estate market should continue to be strong going forward.
I would like to take this opportunity to give a shout-out to the staff of the BC Centre for Disease Control. It is a very important public health facility that people are not aware of but its existence contributes to the general health of everyone. They have some of the best microbiologists and virologists in the country working there. They serve as a reference lab for all the hospitals and doctors of BC. They work with the in-house epidemiologists and other public health officials to manage outbreaks such as SARS in 2003 and now the novel corona virus. Realize that they have tested more people in BC for COVID-19, then all of the US. They are doing a great job and I feel more people should know.
