Metro Vancouver housing market off to a quieter start than last
year
VANCOUVER, BC – February 2, 2017 – Home sales and listings trends are below long-term
averages in the Metro Vancouver* housing market. This is due largely to reduced activity in the
detached home market.
Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease
from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to
December 2016 when 1,714 homes sold.
Last month’s sales were 10.3 per cent below our 10-year January sales average.
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan
Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw
near record-breaking sales at this time last year, home buyers and sellers are more reluctant to
engage so far in 2017.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,140
in January 2017. This represents a 6.8 per cent decrease compared to the 4,442 homes listed in
January 2016 and a 215.5 per cent increase compared to December 2016 when 1,312 properties
were listed.
The total number of homes currently listed for sale on the Multiple Listing Service® (MLS®) in
Metro Vancouver is 7,238, a 9.1 per cent increase compared to January 2016 (6,635) and a 14.1
per cent increase compared to December 2016 (6,345).
The sales-to-active listings ratio for January 2017 is 21 per cent. This is the lowest the ratio has
been in the region since January 2015. 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.
“Conditions within the market vary depending on property type. The townhome and
condominium markets are more active than the detached market at the moment,” Morrison said.
“As a result, detached home prices declined about 7 per cent since peaking in July while
townhome and condominium prices held steady over this period.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $896,000. This represents a 3.7 per cent decline over the past six months
and a 0.2 per cent decrease compared to December 2016.
Sales of detached properties in January 2017 reached 444, a decrease of 57.6 per cent from the
1,047 detached sales recorded in January 2016. The benchmark price for detached properties is
$1,474,800. This represents a 6.6 per cent decline over the last six months and a 0.6 per cent
decrease compared to December 2016.
Sales of apartment properties reached 825 in January 2017, a decrease of 24.7 per cent compared
to the 1,096 sales in January 2016.The benchmark price of an apartment property is $512,300.
This represents a 0.3 per cent increase over the last six months and a 0.4 per cent increase
compared to December 2016.
Attached property sales in January 2017 totalled 254, a decrease of 32.4 per cent compared to the
376 sales in January 2016. The benchmark price of an attached unit is $666,500. This represents
a 0.4 per cent decline over the last six months and a 0.7 per cent increase compared to December
2016