The January statistics from the Real Estate Board of Greater Vancouver indicate continued strong demand for townhomes and condos across Metro Vancouver as we head into 2018, while the detached home market continues to become less and less competitive.
REBGV reports a total of 1,818 residential sales in January, which was an increase of 19.4% over the same month last year yet down 9.8% from a particularly strong December 2017, when over 2000 homes were sold. Overall, January’s sales were 7.1% above the 10-year January sales average.
It’s particularly important to note that this strong sales performance was not distributed equally across all residential property types. While condo and townhome sales were up by 31.6% and 14.3% respectively from their 10-year January averages, detached home sales were down by 24.8% over the same period. In addition to this significant drop in sales volume, the sales to active listing ratio for detached homes dipped below 12% for the first time in recent history,indicating that we may be headed towards a buyer’s market for detached homes if the ratio remains below the 12% threshold for the next several months.
Benchmark pricing for detached homes in Greater Vancouver fell for the fourth consecutive month in January while pricing for townhomes remained static and condo pricing continued to accelerate by 1.5%. The benchmark price for a Greater Vancouver condo is now over $143,000 more than it was in January 2017.
As home-buyer demand for more affordable housing options continues to drive the housing market, there is considerable demand for condo and townhome land in suburban communities North of the Fraser, particularly in areas with immediate access to rapid transit. Overall, our clients remain optimistic about well-located multi-family development sites in these areas heading into 2018.
Check out our curated summary of the Greater Vancouver Real Estate Board’s January stats in infographics here.
View the Real Estate Board of Greater Vancouver’s entire stats package for January 2018 here.
Please note: areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.