The residential market of Metro Vancouver started the new decade with a substantial jump in home sales; however, the current supply of dwellings up for grabs is becoming thin, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV).
Home sales in Metro Vancouver hit 1,571 in January. While this represents a 42.4% jump from the sales recorded in January 2019, the total number of sales dropped by 22.1% from December.
REBGV figures shows annual growth across property types: detached homes at 29.5%, apartments at 45.6%, and attached homes at 55.1%.
However, looking at the 10-year average for sales in January, the recent turnaround was 7.3% lower. Still, the spike in home sales indicates steady homebuyer demand close to the region's long-term average, said Ashley Smith, president of REBGV.
On the supply side, however, concerns are starting to show. During the month, there were 3,872 new listings in Metro Vancouver, representing an annual decrease of 20.1%. The volume of new listings was 17.4% below the 10-year average.
Overall, the total number of homes listed in the region is 8,617, down by 20.3% from a year ago and 13.7% below the 10-year average.
"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," Smith said.
For all property types, the sales-to-active listings ratio for the month is 18.2%. Smith said prices usually increase when the ratio hits 20% over several months.
Metro Vancouver recorded a 1.2% annual decrease in the overall benchmark price for residential properties in the month, down to $1.01m. The decline was consistent across property types:
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