There was no sign of dimming in Vancouver region’s housing market in January, as transactions soared 52 percent above the sales total achieved in the same month last year.
There were 2,389 home sales last month, up from 1,571 sold in January 2020, according to new figures published today by the Real Estate Board of Greater Vancouver (REBGV).
Last month’s total was nearly 37 percent higher than the 10-year sales average for January but also represented a significant slip from the 3,093 homes sold in December.
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Despite the fall in transactions from a record-breaking December to January, REBGV said that home buyer demand continued to outpace new supply hitting the market in the first month of the year.
“With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace. This is causing increased competition amongst home buyers and upward pressure on prices,” said REBGV President Colette Gerber.
The Vancouver region gained 4,480 new homes listed for sale in January, up nearly 16 percent compared to the previous year and an 86 percent rise from December. Despite this noteworthy increase in new listings, the total number of homes on the market declined last month on both an annual and monthly basis.
All property types tracked by REBGV are healthily in seller’s territory, with sales-to-active listings ratios above 20 percent.
Gerber chalked up the steady homebuyer demand to record-low interest rates and changing housing preferences.
“People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs,” she said.
On the pricing side, the benchmark price of a detached home rose nearly 11 percent to $1,576,800, while attached homes posted a 4.3 percent increase to $815,800. Condo apartments recorded a 2.2 percent increase from the previous year, rising to $680,800.