Monthly Market Report
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According to the Real Estate Board of Greater Vancouver (REBGV) real estate sales activity is showing some signs of improvement compared to the same time last year.
Areas that have experienced increased sales activity include Burnaby, Delta, Coquitlam, Port Moody, New Westminster and the Sunshine Coast. Burnaby experienced the largest increase in detached sales, with 68 homes sold this January compared to 45 sold the same time last year.
January’s overall sales activity has experienced an upswing in several key areas," says Calvin R. Lindberg, REBGV President. "What we’re seeing is more than just a seasonal adjustment. First time buyers and move-up buyers are realizing the tremendous affordability of homes priced in the $200,000 to $300,000 range."
Lindberg adds, "The increased demand for lower priced homes has diminished the listings supply and created more competition amongst buyers for homes that are affordably priced. We are also seeing an increased willingness of sellers to bring down prices, further contributing to the increased sales activity."
Detached sales for Greater Vancouver totalled 586, up slightly compared to the number of homes sold in January last year. The number of active listings for single detached homes dropped by 17 per cent compared to the same time last year. According to the Board’s Housing Price Index (HPI), a benchmark or typical price of a detached home in Greater Vancouver is $337,540, down 5.8% compared to January 1998.
In terms of sales, the number of attached units sold was down by only one per cent. According to the housing index, the price of an attached home in Greater Vancouver is $215,060, down 4.5% compared to the same month last year.
During January, the overall Greater Vancouver apartment sales increased by four per cent over a one year period. The benchmark price of a typical apartment in Greater Vancouver is $150,740.