In its latest report, the Real Estate Board of Greater Vancouver said that demand will continue to be high for condominiums and townhomes in the region, but less so for detached properties.
The board said 1,818 homes got sold in January, up by 19.4% from the same time last year, but down 9.8% from December 2017.
However, townhouse and condo sales were above the 10-year January average by 14.3% and 31.6% respectively, while detached homes fell 24.8% below it.
The board said the sales-to-active listings ratio last month, which looks at how many properties sold compared with those listed, was 57.2% for condos, 32.8% for townhouses, and 11.6% for detached properties.
Read more: Vancouver is world’s 3rd least affordable city – report
As reported by The Canadian Press, a figure below 12% for a sustained period suggests downward pressure on prices, while jumping above 20% for several months indicates movement in the opposite direction.
The board added that the composite benchmark price for all types of properties in the area was $1,056,500 in January, up by 16.6% from the same month last year and 0.6% higher than the previous month.
The benchmark price for detached homes was up 8.3% from the same time last year at $1,601,500. It was up 27.4% for condos at $665,400 and 17.5% for townhomes at $803,700.
REBGV president Jill Oudil said in a statement that demand remains elevated and listings scarce for attached homes and condos, while buyers looking for detached homes are facing less competition and have much more selection.
Canada’s largest generation is flocking to these cities
Millennials’ most desired aspects of a luxury home
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate