(Unsplash)

January home sales in Metro Vancouver lowest since 2009

Last month’s home sales were 36.3 per cent below the 10-year average as listings increased

Home buyer activity in Metro Vancouver remained below historical averages in January.

The Real Estate Board of Greater Vancouver reports that last month’s sales were 36.3 per cent below the 10-year January sales average and were the lowest total for January since 2009.

In a release Monday, the board reported residential home sales in the region totalled 1,103 last month, a 39.3-per-cent decrease from the 1,818 sales recorded in January 2018.

READ MORE: ‘Subdued’ housing market predicted in B.C. through 2021

“Realtors are seeing more traffic at open houses compared to recent months. However, buyers are choosing to remain in a holding pattern for the time being,” said board president Phil Moore.

Moore said market conditions are largely the result of the mortgage stress test the federal government imposed at the beginning of 2018.

“This measure, coupled with an increase in mortgage rates, took away as much as 25 per cent of purchasing power from many home buyers trying to enter the market.”

However, home prices are slipping.

READ MORE: Vancouver home sales fall nearly 40% in January as prices pull back

The board’s home price index composite benchmark price for all residential homes in Metro Vancouver is currently $1,019,600, a 4.5-per-cent decrease, and a 7.2-per-cent decrease over the past six months.

“Home prices have edged down across all home types in the region over the last seven months,” Moore said.

Detached homes had the biggest price dip, down 9.1 per cent, and an 8.3 per cent decrease over the past six months.

The benchmark price of a detached home is $1,453,400. Sales of detached homes reached 339, down 30.4 per cent.

Apartments were the most popular housing type, though, with sales reaching 559 last month. Still, the sales were down 44.8 per cent. The benchmark price of an apartment is $658,600, a 1.7-per-cent drop.

READ MORE: B.C.’s skyrocketing real estate market will ‘correct’ in 2019

Despite the buyer holding pattern, the number of home listings continues to increase, the board reported, adding that this could be putting downward pressure on prices.

There were 4,848 detached, attached and apartment Metro Vancouver homes newly listed for sale on the board’s multiple listing service system in January. That’s up 27.7 per cent compared to January 2018 and up 244.6 per cent compared to December.

The total number of homes currently listed for sale is 10,808, a 55.6-per-cent increase.



karissa.gall@blackpress.ca

Like us on Facebook and follow us on Twitter

Just Posted

Drivers injured, children OK after school-bus crash in Surrey

Incident happened near 68th Avenue and King George Boulevard

Police release photos of suspect in attempted gas station robbery in Surrey

Surrey RCMP say suspect took off without taking any money after he bear sprayed employee

Non-Semiahmoo First Nation members opt out of footing connection costs: chief

Long-term resident who can’t pay $50K fee, says he ‘hasn’t a clue’ where to go now

PHOTOS: Fabric-formed concrete strengthens new Surrey gallery show and house under construction

Designer Omer Arbel’s work in ‘Particles for the Built World’ exhibit and at South Surrey home

Surrey looks to expand electric vehicle charging stations

City to apply for more than $500K in provincial funding

Eggs in South Surrey bald-eagle preserve hatch

Douglas-area eagle nest livestreamed online

Prince George sweeps to first-ever BC Hockey League crown

Spruce Kings beat Vernon Vipers 3-1 in the Okanagan Wednesday for 13th straight playoff win

Hwang’s first MLS goal lifts Whitecaps to 1-0 win over LAFC

Vancouver picks up first victory of season

Man identified in Vancouver’s fourth homicide of the year

30-year-old man was not known to police

RCMP locate missing Colony Farm psychiatric patient

Patient left last week on day pass from the hospital in Coquitlam

600 volunteers sign up to recall Maple Ridge MLAs over housing problems

Organizer urges province to reconsider position on Burnett modulars

Child-proof your windows ahead of warm weather: B.C. expert

Fifteen children were taken to BC Children’s Hospital for falls in 2018

B.C. trucker pleads guilty to lesser charges in fatal Manitoba crash

Gurjant Singh was fined $3,000 and given a one-year driving prohibition.

Australian author reacts to Chilliwack school trustee’s ‘book banning’ statements

John Marsden responds to ‘horror and outrage’ from adults about mildly sexual thoughts in his novel

Most Read