Vancouver and Calgary home sales still climbing with prices up

Sales in Canada’s most expensive housing market were up sharply from a year ago and prices also continue to rise.

The Real Estate Board of Greater Vancouver said 2,530 homes were sold in February, a 40.8% increase from a year ago and a 43.8% increase from January. The board’s benchmark composite index reached $609,100 last month, a 3.2% increase from a year ago.

“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, president of REBGV, in statement. “We typically see home buyers become more active in and around the spring months.”

February sales were close to the 10-year average for the month, while new listings were down 2.8% from a year ago and 12.1% from January, 2014.

There were 13,412 homes listed for sale in Greater Vancouver last month, a 9.3% decline from a year ago but a 6.4% increase from January.

Meanwhile in Calgary, the local board said that sales growth slowed in February from January but the total amount of activity was still up 8.68% from a year ago.

“Demand growth in the single family sector has been restricted by the availability of product,” says Ann-Marie Lurie, chief economist with the Calgary Real Estate Board, in a release. “New listings in this sector fell for the second consecutive month, causing further tightening in an already undersupplied market.”

The unadjusted single family benchmark price reached $482,800 in Calgary last month, a 1.28% increase from January and 9.1% jump from a year ago.