VANCOUVER REAL ESTATE MARKET UPDATE FOR JANUARY 2020

Metro Vancouver's housing market experienced steady home sales and price activity while home listing activity declined in January. Last month's sales were 7.3% below the 10 year January sales average.

The Real Estate Board of Greater Vancouver saw residential homes sales total 1,571 for January 2020 which is a 42.4% increase from this time last year (1,103) and a 22.1% decrease from December 2019 (2,016). 

Newly listed properties in January for Metro Vancouver reached 3,872 for all property types. This equates to a 143.8% increase from December 2019 (1,588) and a 20.1% decrease compared to January 2019 (4,848).

Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw a slight decrease in the combined sales-to-active ratio from last month putting us now in a Balanced Market.

Broken down by property type, the sales-to-active ratio for January was 11.6% for detached homes, 22.6% for townhouses, and 23.9% for condos. This means that townhouses are still in a Seller's Market, condos are in a Seller's Market as well and the detached sector is now in a Buyer's Market.

The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,008,700. This represents a 0.8% increase from December 2019.

The total sales for January 2020 were 1,571. This works out to 439 detached homes with a benchmark price of $1,431,200, 318 townhouses with a benchmark price of $782,500, and 814 apartments with a benchmark price of $663,200.

Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!