There were 4,172 home sales in the Metro Vancouver market in February, up 36.3 per cent year-over-year and setting a new record for the month. Sales were also 56.3 per cent above the 10-year average for the month.

New listings increased by 7 per cent year-over-year but demand is still outstripping supply: “We're in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, REBGV president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.” He said that new supply is needed to keep up with demand.

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $795,500. This represents a 22.2 per cent increase compared to February 2015.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: