(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

Nearly 200 motorcycles take off from Cloverdale for Brenden’s Ride

Annual fundraiser supports programs that empower people with disabilities

Cloverdale’s 5 most-read stories of the week, June 7–13

Vet leaves dead dog in freezer for 78 days, local high school goes into ‘hold and secure,’ and more

City shifts proposed transit station to King George after cancellation of LRT

Council to consider Newton Town Centre plan in fall

Surrey mayor suggests building a canal on ‘less busy’ road

Doug McCallum likens the idea to canals in Venice and Qatar shopping centre

What’s happening in Cloverdale this Father’s Day weekend, June 14 to 16

Looking for something to do in Cloverdale this weekend?

VIDEO: First Nations, developer call for return and protection of sacred B.C. burial site

Dozens of First Nations leaders gather on grassy plateau to call on action by provincial government

You might not know these B.C. records are public

Hired a lawyer to file a civil claim? Those are published online

Teen stabbed after end-of-night limo dispute in downtown Vancouver

A young man, 19, is in serious condition following a dispute between two groups

B.C. bus driver loses case to get job back after texting while driving full bus

An arbitator ruled that Tim Wesman’s phone usage was a “a reckless disregard for public safety”

Revamped B.C. Lions set to battle veteran Winnipeg Blue Bombers

The Lions’ first test of the season will be a big one

No business case for Trans Mountain expansion, says former environment minister

Cabinet is expected to announce its decision on the expansion of the Alberta-to-B.C. pipeline by Tuesday

LETTER: British Columbia’s forest industry crisis being made worse

Andrew Wilkinson warns of regulatory overload by John Horgan’s NDP

Convicted B.C. child abductor Randall Hopley back in custody 6 months after release

Correctional Services Canada could not provide further details due to privacy concerns

Alleged driver of semi-truck in fatal Burnaby hit-and-run identified

No charges have been laid and police say the driver is cooperating with the investigation

Most Read