Home listings continue to increase across all housingcategories in the Metro Vancouver* housing market while home buyer activity remains below historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in
January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018.
Last month’s sales were 36.3 per cent below the 10-year January sales average and were the
lowest January-sales total since 2009.
“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,” Phil Moore, REBGV
president said.
There were 4,848 detached, attached and apartment homes newly listed for sale on the Multiple
Listing Service® (MLS®) in Metro Vancouver in January 2019. This represents a 27.7 per cent
increase compared to the 3,796 homes listed in January 2018 and a 244.6 per cent increase
compared to the 1,407 homes listed in December 2018.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
10,808, a 55.6 per cent increase compared to January 2018 (6,947) and a 5.2 per cent increase
compared to December 2018 (10,275).
For all property types, the sales-to-active listings ratio for January 2019 is 10.2 per cent. By
property type, the ratio is 6.8 per cent for detached homes, 11.9 per cent for townhomes, and
13.6 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
the 12 per cent mark for a sustained period, while home prices often experience upward pressure
when it surpasses 20 per cent over several months.
“Home prices have edged down across all home types in the region over the last seven months,”
Moore said.
The MLS® Home Price Index composite benchmark price for all residential homes in Metro
Vancouver is currently $1,019,600. This represents a 4.5 per cent decrease over January 2018,
and a 7.2 per cent decrease over the past six months.
“Economic fundamentals underpinning our market for home buyers and sellers remain strong.
Today’s market conditions are largely the result of the mortgage stress test that the federal
government imposed at the beginning of last year,” Moore said. “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.”
Sales of detached homes in January 2019 reached 339, a 30.4 per cent decrease from the 487
detached sales recorded in January 2018. The benchmark price for detached homes is
$1,453,400. This represents a 9.1 per cent decrease from January 2018, and an 8.3 per cent
decrease over the past six months.
Sales of apartment homes reached 559 in January 2019, a 44.8 per cent decrease compared to the
1,012 sales in January 2018. The benchmark price of an apartment property is $658,600. This
represents a 1.7 per cent decrease from January 2018, and a 6.6 per cent decrease over the past
six months.
Attached home sales in January 2019 totalled 205, a 35.7 per cent decrease compared to the 319
sales in January 2018. The benchmark price of an attached unit is $800,600. This represents a 0.5
per cent decrease from January 2018, and a 6.2 per cent decrease over the past six months.