VANCOUVER, BC – February 2, 2018 – Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 percent increase from the 1,523 sales recorded in January 2017, and a 9.8 percent decrease compared to December 2017 when 2,016 homes sold.
Last month’s sales were 7.1 percent above the 10-year January sales average. By property type, detached sales were down 24.8 percent from the 10-year January average, attached sales increased 14.3 percent and apartment sales were up 31.6 percent over the same period.
“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REBGV president said. “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”
There were 3,796 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2018. This represents an 8.3 percent decrease compared to the 4,140 homes listed in January 2017 and a 100.7 percent increase compared to December 2017 when 1,891 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,947, a four percent decrease compared to January 2017 (7,238) and a 0.2 percent decrease compared to December 2017 (6,958).
For all property types, the sales-to-active listings ratio for January 2018 is 26.2 percent. By property type, the ratio is 11.6 percent for detached homes, 32.8 percent for townhomes, and 57.2 percent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.
The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,056,500. This represents a 16.6 percent increase over January 2017 and a 0.6 percent increase compared to December 2017.
Detached home sales in January 2018 reached 487, a 9.7 percent increase from the 444 detached sales recorded in January 2017. The benchmark price for detached properties is $1,601,500. This represents an 8.3 percent increase from January 2017 and a 0.3 percent decrease compared to December 2017.
Apartment home sales reached 1,012 in January 2018, a 22.7 percent increase compared to the 825 sales in January 2017. The benchmark price of an apartment property is $665,400. This represents a 27.4 percent increase from January 2017 and a 1.5 percent increase compared to December 2017.
Attached home sales in January 2018 totalled 319, a 25.6 percent increase compared to the 254 sales in January 2017. The benchmark price of an attached unit is $803,700. This represents a 17.5 percent increase from January 2017 and unchanged compared to December 2017.
* Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
The real estate industry is a key economic driver in British Columbia. In 2017, 35,993 homes changed ownership in the Board’s area, generating $2.4 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $37 billion in 2017.
The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
Source: Real Estate Board of Greater Vancouver