Vancouver housing market Photo: Michael Nugent/Flickr

The Greater Vancouver housing market recorded 1,913 home sales last month, an 8.7 per cent increase compared to the 1,760 sales in January 2014, and a 9.6 per cent decline compared to the 2,116 sales in December 2014.

According to the area Realtor board, last month’s sales were 14.9 per cent above the 10-year sales average for the month.

“While demand remains steady, we’re seeing fewer homes for sale at the moment,” said Real Estate Board of Greater Vancouver president Ray Harris in a release. “This is creating greater competition among buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”

New listings for all property types — single-family homes, condos and townhouses — in Metro Vancouver totaled 4,737 in January, an 11.4 per cent decline compared to the 5,345 new listings reported in January 2014.

Home prices

While sales rose and inventory fell, the benchmark price for all property types climbed 5.5 per cent year-over-year to end the month at $641,600.

REBGV says that with the sales-to-active-listings ratio at 17.7 per cent, the region remains in balanced market territory.

“The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said. “A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for.”

Other highlights from the report

  • The typical price of single-family home in Richmond topped $1 million in January, climbing 10.3% year-over-year to end the month at $1,031,100.
  • The biggest year-over-year price gain for the single-family home segment happened in East Vancouver, which saw prices rise 12.2% from January 2014 to January 2015.
  • The typical price of a townhouse on Vancouver’s West Side rose  10.2% year-over-year and now sits at $758,600.
  • Condo prices in Maple Ridge have fallen -10% from a year ago. The benchmark price at the end of January was $165,100.
  • In Whistler the typical price of a condo climbed 18.9% over the last 12 months and now sits at $253,200.

REBGV’s full January statistics package can be seen here.

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