Market

These 11 facts show how demand for Vancouver condos and attached homes dominated January

Photo: Timothy Neesam/Flickr

Metro Vancouver condo and attached homes continued to dominate demand in the region last month.

Thanks to the strong interest in the typically more affordable housing types, overall residential sales in the region were 7 per cent above the 10-year January sales average, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV), published Friday.

“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” says Jill Oudil, REBGV president, in a press release.

“Buyers in the detached market are facing less competition and have much more selection to choose,” she adds.

By property type, condo sales were up roughly 32 per cent from the 10-year January average, attached sales increased 14 per cent and detached sales were down nearly 25 per cent.

As the region struggles with limited supply, the amount of newly listed detached, attached and apartment properties declined 8 per cent year-over-year, with a total of 3,796 units. However, newly listed homes saw a 100 per cent increase compared to December 2017 when 1,891 homes were listed.

Here are 11 more facts that prove the fierce demand for Metro Vancouver condos and attached homes continued in January.

1. A total of 1,818 homes changed hands in the region, a 19 per cent increase from 1,523 sales seen in January 2017, and a roughly 10 per cent drop compared to the 2,016 homes sold in December 2017.

2. The total amount of properties listed for sale in the region was 6,947, down 4 per cent compared to 7,238 homes a year ago.

3. Demand for certain property types soared and supply was limited, resulting in upward pressure on prices. The benchmark price for all residential homes in Metro Vancouver was $1,056,500 last month, up roughly 17 per cent from January 2017 and a 0.6 per cent increase compared to December 2017.

4. Metro Vancouver remains a sellers’ market with a sales-to-active listings ratio of 26 per cent. According to REBGV, downward pressure on home prices occurs when the ratio falls below the 12 per cent mark for a prolonged period, while home prices often experience upward pressure when the ratio exceeds 20 per cent over several months.

5. By property type, the sales-to-active listings ratio was roughly 12 per cent for detached homes, 33 per cent for townhomes and 57 per cent for condos.

6. In the detached segment, a total of 487 homes sold in the region, a roughly 10 per cent uptick from the 444 detached sales seen in January 2017.

7. The benchmark price of a detached home was $1,601,500, an 8 per cent increase from a year ago and a 0.3 per cent decline from December 2017.

8. A total of 1,012 condos sold in the region last month. This represents a nearly 23 per cent climb compared to the 825 sales recorded a year ago.

9. Condos saw the largest annual gain in price growth among all property types in January, with a 27 per cent year-over-year increase to an average of $665,400.

10. In the attached segment, home sales totalled 319, up roughly 26 per cent compared to 254 units a year ago.

11. The benchmark price of an attached home was $803,700 last month, rising 17 per cent from January 2017.

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