The January 2019 stats released by the Real Estate Board of Greater Vancouver (REBGV) confirmed a continuation of the past few months, whereby home listings continued to increase and homebuyer activity continued to remain below historical averages.
“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 Phil Moore, REGBV President. He further added “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. 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.”
In January, Metro Vancouver recorded 1,103
residential home sales, which represented a 39.3% decrease from the 1,818 sales
recorded in January 2018. The January sales were 3.3% below the 10 year January
sales average and were the lowest January sales since 2009.
Detached Homes: 339 sold, 30.4% decrease from 487 sales in January 2018.
Attached Homes: 205 sold, 35.7% decrease from 319 sales in January 2018.
Apartment Homes: 559 sold, 44.8% decrease from 1012 sales in January 2018.
The number of newly homes listed for sale on the MLS in Metro Vancouver was 4,848 for January 2019. This represents a 27.7% increase compared to the 3,79 homes listed in January 2018.
The total number of listings for January 2019 on the MLS was 10,808, a whopping 55.6% increase compared to the 6,947 listed in January 2018 and a 5.2% increase when compared to December 2018.
This is a good indication of the supply and demand forces in the market. Downward pressure on home prices can occur when the ratio is below 12% for a sustained period, and there is upward pressure when the ratio is above 20% for a number of months.
For all property types, the ratio was 10.2% in January 2019. When broken down by property types:
- 6.8% for detached homes
- 11.9% for townhomes
- 13.6% for condos
The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver for January 2019 was $1,019,600.
This represents a 4.5% decrease over January 2018 and a 7.2% decrease over the past 6 months.
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