Steve Saretsky<\/a> in a recent report. \u201cIt would not surprise me to see condos outperform detached houses in the year ahead.\u201d<\/p>\nMetro Vancouver recorded 2,737 total housing sales in December, down 22 per cent from the previous month due to reduced supply, with new home listings failing to keep up with surging demand.<\/p>\n
There were 1,945 properties listed for sale during December, a 50.9 per cent decrease from the previous month and 19.3 per cent drop year-over-year.<\/p>\n
\u201cIn Greater Vancouver we are currently sitting at 4,900 active listings for sale as of the end of December. This is the lowest count on record, ever,\u201d Saretsky said. \u201cIn other words, we are starting the new year from a record low inventory base. It will take many months, likely longer, to get inventory to healthy levels, let alone oversupplied.\u201d<\/p>\n
Detached homes are in short supply across Metro Vancouver, with months of inventory currently sitting at 2.5, although the inventory gap widens significantly as prices increase.<\/p>\n
Single-family houses priced under $2 million are currently seeing only 0.9 months of inventory for sale, compared to 8.2 months of inventory for houses listed over $3 million.<\/p>\n
\u201cThe number of qualified buyers begins to shrink when prices move north of $2 million so this could be a problem for the market moving forward, which is why I think price growth could be constrained this year,\u201d said Saretsky.<\/p>\n
Condo listings fell 14 per cent month-over-month in December, while the months of inventory for sale has plunged to 1.5, dipping to its lowest point since August 2017.<\/p>\n
\u201cIf you\u2019re looking for a condo under $1 million then months of inventory falls even further, down to 1.1,\u201d Saretsky said. \u201cThe name of the game is affordability. Everyone is struggling with housing affordability and so most of the demand is concentrated at the entry levels.\u201d<\/p>\n
![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/01\/aditya-chinchure-o1nMdkuTNc8-unsplash.jpg\")
<\/a>Photo: Aditya Chinchure<\/a> \/ Unsplash<\/a><\/em><\/p>\n