Vancouver apartments led January sales gain

Winter conditions haven’t cooled demand for homes in Metro Vancouver with apartment sales soaring into the New Year.

The Real Estate Board of Greater Vancouver recorded sales 7.1% above the 10-year average for January – a total of 1,818 which is 19.4% higher than a year earlier but down 9.8% from December 2017.

But the demand was not universal with sales of detached homes 24.8% below the 10-year average, although up 9.7% year-over-year to 487.

Meanwhile, apartment sales were up 31.6% compared to the 10-year average and gained 22.7% year-over-year to 1,012. Attached home sales were also strong with a 25.6% increase year-over-year to 319 (14.3% above 10-year average).

“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.”

Inventory was down 8.3% overall in January compared to a year earlier with 3,796 homes available on the MLS. But it was double the number available in December 2017.

Benchmark prices were: $1,601,500 (up 8.3% y-o-y, down 0.3% m-o-m) for detached; $665,400 (up 27.4% y-o-y, up 1.5% m-o-m) for apartments; and $803,800 (up 17,5% y-o-y, unchanged m-o-m) for attached.

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