Vancouver's record-setting housing prices in February good only for sellers: board

VANCOUVER -- Housing sales in Metro Vancouver last month set a record for the month of February, with a 36 per cent jump from a year earlier.

See Full Article

The Real Estate Board of Greater Vancouver says 4,172 homes were sold, representing a 56 per cent hike above the 10-year sales average for the month.

About 7,300 properties are currently listed for sale in Metro Vancouver, but that's down nearly 39 per cent from February 2015.

Board president Darcy McLeod says additional housing supply is needed to meet demand in the current seller's market.

Sales of detached properties last month also went up, by 37 per cent from February 2015.

The board says the price of a detached home increased by 27 per cent, to over $1.3 million.



Advertisements

Latest Economic News

  • Bell's 'Let's Talk' campaign rings hollow for employees suffering panic attacks, vomiting and anxiety

    Economic CBC News
    Current and former Bell employees have written CBC's Go Public to describe the toll of aggressive sales targets on their health at a company well-known for its "Let's Talk" campaign — a massive initiative to improve mental health. Source
  • Privacy while shopping online worries Canadians — but it doesn't stop them, poll suggests

    Economic CBC News
    A growing majority of Canadians regularly shop online, despite concerns about what companies do with the pile of data being collected on them with every visit. That's one of the main takeaways from a recent survey by CBC's Marketplace on Canadians' online shopping habits. Source
  • Online cannabis dispensaries join in on Black Friday sales

    Economic CTV News
    Online cannabis dispensaries are the latest to cash in on the holiday shopping frenzy, with some offering dramatic markdowns or novelty products as the season known for consumer spending gets underway. Several online cannabis stores are holding Black Friday sales for the first time this year in an effort to stay competitive and draw new customers in what they call an increasingly competitive market. Source
  • Why France hates Black Friday: 'I find it sad'

    Economic CTV News
    Having adopted hamburgers, Halloween and a host of English words, some in France are worried about the latest cultural import from America: the day of rampant consumerism known as Black Friday. Unheard of only a few years ago, the cut-price deals made the television news bulletins Friday as local retailers copied their American counterparts in trying to lure in shoppers ahead of the Christmas season. Source
  • Canadian operating profits top $100B amid financial sector strength

    Economic CTV News
    OTTAWA -- Statistics Canada says strong performance in the financial sector drove Canadian corporate operating profits to just over $100 billion in the third quarter, up 17.2 per cent from the same period last year. Source
  • WestJet launches new regional air service in Western Canada

    Economic CTV News
    CALGARY -- WestJet Airlines Ltd. (TSX:WJA) has introduced a new regional air service in Western Canada operating under a capacity purchase agreement with B.C.-based Pacific Coastal Airlines Ltd. WestJet Link will connect the Alberta communities of Lethbridge, Lloydminster and Medicine Hat and the B.C. Source
  • Aurora formally launches hostile takeover bid for CanniMed Therapeutics

    Economic CTV News
    TORONTO -- Aurora Cannabis Inc. formally launched its all-stock hostile takeover bid for CanniMed Therapeutics Friday, on the condition that the medical marijuana producer cancel its own planned acquisition of Newstrike Resources Ltd. The Vancouver-headquartered licensed marijuana company says in a statement it placed a newspaper ad for its offer to acquire all issued and outstanding shares for up to $24, and a takeover bid circular will be mailed to CanniMed's shareholders. Source
  • CEO Suzanne West vows to pursue greener path after oil firm splits with backers

    Economic CTV News
    CALGARY - One of the few female CEOs in the Canadian oilpatch says she has parted ways with her American financial backers and her Calgary company's oil and gas assets have been taken over by a newly-created entity. Source
  • Ontario gaming agency will expand online and mobile betting

    Economic CTV News
    TORONTO -- Think you know when U.S. President Donald Trump will be impeached? How about who the next James Bond will be? Or perhaps you have an inside track on the name of the next royal baby? Source
  • Aurora Cannabis launches hostile takeover bid for CanniMed Therapeutics

    Economic CBC News
    Aurora Cannabis Inc. formally launched its all-stock hostile takeover bid for CanniMed Therapeutics Friday, on the condition that the medical marijuana producer cancel its own planned acquisition of Newstrike Resources Ltd. The Vancouver-headquartered licensed marijuana company says in a statement it placed a newspaper ad for its offer, valued at $24 per share, and a takeover bid circular will be mailed to CanniMed's shareholders. Source