Each year, the Real Estate Board of Greater Vancouver (REBGV) celebrates the achievements of its top-producing Realtors on the Mul-tiple Listing Service® (MLS®) with the Medallion Club and President’s Club awards.

The 2016 Medallion Club represents the top 10 per cent of the more than 13,500 members partici-pating on the MLS® in the region. The President’s Club represents the top one per cent.

The idea of a “multiple list-ing service” was born from the need to create an infrastructure through which Realtors could compete and cooperate at the same time. It’s variously been called a “listing exchange,” “cooperative listing service” and today’s “MLS®.”

The MLS® today is a sign of quality. Home listing information originating from the MLS® is the most reliable and compre-hensive source of real estate in-formation in Canada.

The Real Estate Board of Greater Vancouver is proud to also recognize one of its newest Life Member of the Medallion Club, Jeff Benna. Life membership is earned by Realtors who achieve Medallion Club status for 20 years. Jeff Benna earned Life Member status in 2016.

VANCOUVER, BC – March 2, 2017 – Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.

Residential home sales in the region totalled 2,425 in February 2017. This is a 41.9 percent decrease from the record 4,172 homes sold in February 2016 and an increase of 59.2 percent compared to January 2017 when 1,523 homes sold.

Last month’s sales were 7.7 percent below the 10-year February sales average.

“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9 percent decrease compared to the 5,812 units listed in February 2016 and an 11.4 percent decrease compared to January 2017 when 4,140 properties were listed.

This is the lowest number of new listings registered in February since 2003.

The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a four per cent increase compared to February 2016 (7,299) and a 4.9 percent increase compared to January 2017 (7,238).

The region’s sales-to-active listings ratio for February 2017 is 31.9 percent, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.

“While home sales are not happening at the pace we experienced last year, home seller supply isstill struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8 percent decrease over the past six months and a 1.2 percent increase compared to January 2017.

Sales of detached properties in February 2017 reached 745, a decrease of 58.1 percent from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5 percent decrease over the past six months and is unchanged compared to January 2017.

Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8 percent compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3 percent increase over the past six months and a 2.7 percent increase compared to January 2017.

Attached property sales in February 2017 totalled 404, a decrease of 33.1 percent compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3 percent decrease over the past six months and a 1.3 percent increase compared to January 2017.

Download The Full Market Report Here