January home sales 10 per cent below Vancouver’s 10-year average

By Emma Crawford Hampel

Months after new government measures such as the 15 per cent foreign-buyer tax and federal mortgage rules put in place to cool the housing market in Vancouver, home sales across the region continue to drop.

A total of 1,523 homes were sold in Metro Vancouver in January, according to Real Estate Board of Greater Vancouver statistics released February 2, which is down almost 40 per cent compared with the 2,519 units sold in January 2016.

It was also more than 10 per cent below the 10-year sales average for January.

“From a real estate perspective, it’s a lukewarm start to the year compared with 2016,” said REBGV president Dan Morrison. “While we saw near record-breaking sales at this time last year, homebuyers and sellers are more reluctant to engage so far in 2017.”

As was the case in the last quarter of 2016, the detached home market is seeing the biggest slowdown, while townhomes and condos are more active. Market conditions vary widely by property type.

“As a result, detached home prices declined about 7 per cent since peaking in July, while townhome and condominium prices have held steady over the period,” Morrison said.

Detached property sales fell almost 58 per cent in the month, reaching 444 units. The benchmark price slipped 6.6 per cent to C$1,474,800 (US$1,131,861). While apartment sales fell almost 58 per cent, the benchmark price for this property type increased 0.3 per cent to C$512,300 (US$393,169). Townhome sales dropped 32 per cent over the year, and the benchmark price slipped 0.7 per cent to C$666,500 (US$511,511).

REBGV stats cover Whistler, the Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge and South Delta. They do not include Surrey or Langley.

January home sales 10% below 10-year average: REBGV