New listings rose in Vancouver last month, easing pressure: real estate board

Real estate listings rise

Photo: The Canadian Press

Cherry blossom trees line a residential street in Vancouver, on Tuesday, April 4, 2023.The Real Estate Board of Greater Vancouver says new listings were up in February as home sellers shed some of their hesitance and home sales also rose. THE CANADIAN PRESS/Darryl Dyck

Greater Vancouver's real estate board says new listings were up in February as home sellers shed some of their hesitance and home sales also rose.

The board, which changed its name to Greater Vancouver Realtors last month, says February home sales rose 13.5 per cent from last year to 2,070.

However, the number of sales was 23.3 per cent below the 10-year seasonal average.

The board says there were 4,560 new listings of detached, attached and apartment properties last month, 31.1 per cent more than the same month last year and almost on par with the 10-year seasonal average.

The composite benchmark home price was $1,183,300, up 4.5 per cent from a year ago and up 1.9 per cent from January.

Andrew Lis, the board's director of economics and data analytics, says the uptick in new listings will help relieve some of the pressure that was building in January and offer buyers more choice heading into the spring.