Vancouver home sales up 73% year over year, market shifts in favour of sellers: REBGV

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 says 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.

February sales were so strong that REBGV says they were 42.8 per cent higher than the month's 10 year sales average.

The board says the region saw 5,048 new listings in February, up from 4,002 the year prior.

The MLS home price index composite benchmark for all residential properties in Metro Vancouver reached just over $1 million in February, a 6.8 per cent increase.

REBGV says the market is shifting in favour of sellers because housing supply listings aren't keeping up with the demand and competition among homebuyers is pushing up prices.