A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. The Alberta Real Estate Association is providing its members with an emergency response app after a realtor was sexually assaulted at an open house in Calgary last month. THE CANADIAN PRESS Jonathan Hayward

Vancouver-area home sales rebound from last year as prices inch downward

2020 began with fewer homes listed for sale than is typical for this time of year

Sales remained steady while fewer people put their homes on the real estate market in Metro Vancouver last month.

The Real Estate Board of Greater Vancouver reports residential home sales in January were 7.3 per cent below the 10-year average but still more than 42 per cent higher than sales during January 2019.

Board president Ashley Smith says 2020 began with fewer homes listed for sale than is typical for this time of year, but she says there was steady demand for the listings.

The spring market is usually more active and Smith says the board will be watching to see if home listings keep pace with demand.

Apartment sales jumped to 814 units last month, a 45.6 per cent increase compared with January last year, while the benchmark price slipped 1.5 per cent to $663,200.

The benchmark price for a detached home in Greater Vancouver also fell in January by 1.7 per cent to just over $1.43 million.

ALSO READ: Court rejects Chinese citizen’s constitutional challenge of B.C.’s foreign buyers’ tax

The Canadian Press

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