Home sales decline below long-term averages and inventory remains low
rebgv org : Residential Property Sales in Metro Vancouver
Inventory remains low in Metro Vancouver*, while home sales fell well below monthly historical averages in January.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,022 in January 2023, a 55.3% decrease from the 2,285 sales recorded in January 2022, and a decrease 21.1% compared to the 1,295 homes sold in December 2022.
Sales last month were 42.9 percent below the 10-year January sales average.
In general, analysts say that downward pressure on house prices occurs when the ratio falls below 12 percent for an extended period, while house prices often experience upward pressure when they exceed 20 percent for several months.
“We know that the peak of prices in our market occurred last spring. In the coming months, year-over-year data comparisons will show larger price declines than we have reported thus far,” Lis said. “It is important to understand that year-over-year calculations are retrospective. These price drops have already happened, and what we are seeing today is that prices may have found a balance, even if it is awkward between low inventory and higher borrowing costs.”
The MLS® Home Price Index composite reference price for all residential properties in Metro Vancouver is currently $1,111,400. This represents a 6.6% decrease from January 2022 and a 0.3% decrease from December 2022.
Single-family home sales in January 2023 reached 295, a 52.6% decrease from the 622 single-family home sales recorded in January 2022. The single-family home reference price is $1,801,300. This represents a 9.1% decrease from January 2022 and a 1.2% decrease compared to December 2022.
Apartment sales reached 571 in January 2023, a decrease of 56.6% compared to 1,315 sales in January 2022. The reference price for an apartment is $720,700. This represents a 1.1% decrease from January 2022 and a 1% increase compared to December 2022.
Sales of attached homes in January 2023 totaled 156, a decrease of 55.2% compared to sales of 348 in January 2022. The reference price for an attached unit is $1,020,400. This represents a three percent decrease from January 2022 and an increase of 0.8 percent compared to December 2022.
*Areas covered by the Greater Vancouver Real Estate Board include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.