Vancouver home sales fall as market conditions more balanced in February

Home sales in the Vancouver area fell last month, with 1,827 transactions recorded, marking an 11.7% decrease year-over-year and 28.9% below the 10-year seasonal average. New listings rose to 5,057, a 10.9% increase from February 2024. Market conditions are now balanced, with homebuyers potentially benefiting from improved borrowing conditions due to an anticipated Bank of Canada rate cut. The composite benchmark price was $1,169,100, down 1.1% from last year and 0.3% from January.