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The Globe and Mail

Greater Vancouver housing sales plunge 29%

A home that recently sold for more than $1-million below asking price is pictured with a sold sign in Vancouver.

DARRYL DYCK/The Globe and Mail

Housing sales in Greater Vancouver fell 29 per cent last month as sellers held out for improved bids and prospective buyers bided their time.

There were 1,797 transactions last month for single-family detached homes, condos and townhouses, compared with 2,545 in February of 2012.

The benchmark price for resale properties was $590,400 last month, down 3.3 per cent from a year earlier, according to the Real Estate Board of Greater Vancouver.

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"Sales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month, compared to the previous six to eight months," board president Eugen Klein said in a statement Monday.

In the B.C. Fraser Valley, there were 913 properties that sold last month, down 28 per cent from 1,269 in February of 2012.

The Fraser Valley's benchmark price for single-family detached homes, condos and townhouses was $422,700 last month, up 0.4 per cent from a year earlier.

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About the Author

Brent Jang is a business reporter in The Globe and Mail’s Vancouver bureau. He joined the Globe in 1995. His former positions include transportation reporter in Toronto, energy correspondent in Calgary and Western columnist for Report on Business. He holds a Bachelor of Commerce degree from the University of Alberta, where he served as Editor-in-Chief of The Gateway student newspaper. Mr. More

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