Vancouver housing Photo: Leonardo Stabile/Flickr

Once again the Vancouver region experienced double-digit house price and sales gains in January.

According to the latest data from Real Estate Board of Greater Vancouver (REBGV), the benchmark price for all property types in the region climbed 23 per cent year-over-year while home sales rose nearly 32 per cent. Last month’s 2,519 home sales were 46 per cent above the 10-year sales average for the month and the second highest January total on record.
“Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” REBGV president Darcy McLeod said in a release.

Indeed, new listings for detached, attached and apartment properties in Greater Vancouver totaled 4,442 in January, a 6.2 per cent decline compared to the 4,737 units listed for sale in January 2015 and a 119.8 per cent increase compared to December 2015 when 2,021 properties were listed. The sales-to-active listings ratio for January 2016 was 38 per cent, indicative of a seller’s market, the realtor board says.

Prices

The composite benchmark price in Greater Vancouver was $790,200 last month, up 22.9 per cent from January 2015. Broken down by property type, single-family home values were up 27.9 per cent year-over-year while the benchmark price of townhomes and condos rose 16.4 and 19.4 per cent respectively.

As always, prices across the region vary a great deal depending on the area and property type. To demonstrate that point, we look at…

Regional highlights from the report

  • The benchmark price of a single-family home on the West Side of Vancouver proper hit a whopping $2,942,500 in January, up 25.1% from a year earlier (again, the asking price for this teardown is actually kind of a bargain).
  • The benchmark price of a single-family home on the East Side of Vancouver proper ended the month at $1,253,600, up 28.6% compared to January 2015.
  • For the condo segment, West Vancouver’s 24.1% year-over-year price gain was the largest of any local area in January. The benchmark price of a condo in that municipality is now $788,600.
  • Whistler posted the largest price increase for the townhome segment — with the benchmark price climbing 23.7% year-over-year to end the month at $665,300.
  • The only local market to post any year-over-year price decline was Burnaby East’s townhome segment, which saw its benchmark price fall 5.2%.

For more, the complete REBGV statistics package can be download here (PDF).

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