According to the Real Estate Board of Greater Vancouver (REBGV), the residential home sales in the region hit 1,571 in January 2020. This is a 42.4% increase from the January 2019 sales of 1,103 and a 22.1% decrease from the December 2019 sales of 2,016.
The sales were at 7.3%, which was below the 10-year January sales average.
"We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average," Ashley Smith, REBGV president said. "Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand."
The sales-to-active listings ratio for January 2020 was 11.6% for detached homes, 22.6% for town homes, and 23.9% for apartments.The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,008,700. The benchmark price was $1,431,200 for detached properties, $663,200 for an apartment property, and $782,500 for attached units.
Detached homes in January 2020 reached 439 in sales, a 29.5% increase from the 339 detached sales recorded in January 2019. Apartment home sales for January 2020 reached 814, a 45.6% increase compared to the 559 sales in January 2019. Attached home sales for January 2020 totalled 318, a 55.1% increase compared to the 205 sales in January 2019.