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

Month-over-month, home sales were up 2.9% versus December 2018.

Vancouver’s once red-hot housing market continued to cool last month as the number of home sales fell to the lowest level seen in January in 10 years.

The Real Estate Board of Greater Vancouver says 1,103 homes were sold in Metro Vancouver last month, down 39.3 per cent from the same month a year earlier.

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

Month-over-month, January home sales were up 2.9 per cent versus December 2018.

The board says last month’s home sales were 36.3 per cent below the 10-year sales average for January, and the lowest January sales figure recorded since 2009.

The composite benchmark price for a property, which includes detached properties, townhomes and condominiums, dropped 4.5 per cent from a year ago to $1,019,600.

Sales of detached homes fell 30.4 per cent year over year, while the benchmark price pulled back 9.1 per cent from January 2018 to $1,453,400.

The benchmark price of an attached home last month dipped 0.3 per cent year-over-year to $800,600, while the benchmark price of a condominium fell 1.7 per cent to $658,600.

The board says home prices across all property types have fallen over the region in the past seven months, pressured by the federal government’s mortgage stress test that tightened homebuying rules last year.

“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,” said the board’s president, Phil Moore, in a statement.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

VIDEO: Surrey’s former Flamingo Hotel goes out with a bang

The Flamingo opened in July 1955 as a motor hotel with 20 rooms

Rocky Mountain high: Surrey’s Burzan picked in NHL draft by Colorado Avalanche

Guildford-raised forward currently in WHL with Brandon Wheat Kings

Queen Elizabeth students hit $100K in donations to Surrey Hospital Foundation

Secondary students have been raising funds for a decade through the Roots & Rhythms event

City hopes Surrey’s new energy centre will be ‘a window’ into sustainability

Facility’s goal is to reduce greenhouse gas emissions

SQUEEZING SURREY STUDENTS IN: The causes and impacts of overcrowding in city schools

Special series: How growth is affecting students, parents and school staff alike – and what the future holds

Wildfire burning in coastal forest

A fire beside the Sea to Sky Highway is burning up a steep slope

PHOTOS: Event marks one year since soccer team rescued from Thai cave

Nine players and coach took part in marathon and bike event to help improve conditions at cave

Rock climber dies after fall at Stawamus Chief in Squamish

The man had fallen about 30 metres while climbing in the Grand Wall area

Five B.C. students taken to hospital after playing with vaping device

School district said students were taken to hospital ‘out of an abundance of caution’

Being a pot dealer is not what it used to be

Sunday Big Read: the business of selling marijuana in B.C. is a slow bureaucratic slog

VIDEO: Two more pride flags have been stolen from Langley woman

Lisa Ebenal was “angry” and “fed up” after the latest theft. Then people started showing suppport

B.C. couple who has raised 58 children turns to community amid cancer diagnosis

Family who raised, fostered and adopted many kids hoping to gain some precious together time to fight cancer

Canucks acquire forward J.T. Miller from Lightning

J.T. Miller, 26, had 13 goals and 34 assists for the Lightning last season

Most Read