Despite a dip in the number of home sales compared to December, MLS stats from the Real Estate Board of Greater Vancouver remained strong in January, with the number of homes sold outpacing available listings, seeing purchase prices continue to increase for all product types.
There were 2,389 residential home sales in January, which was up 52.1% from January 2020 and down 22.8% from the 3,093 homes that sold in December. While the total fell from the previous month, January’s total was still 36.4% higher than the 10 year average for the month.
Benchmark prices jumped for all product types month-over-month and single family saw the biggest increase of 1.4%. The Greater Vancouver Benchmark Price for a single family home is now $1,576,800 which is the highest it’s been since July of 2018 and only $40,500 (approx. 2.5%) away from the peak of $1,617,300 observed in September of 2017.
So What Does This Mean For The Development Land Market North Of The Fraser?
We are seeing incredible demand for single family and slab-on-grade townhouse sites with scale, both of which are in short supply North of the River. Multiple offers are to be expected when these opportunities present themselves and buyers should be prepared to pay higher land prices than even 3-6 months ago. Because of these market dynamics, many developers are starting to look to Surrey, Langley, and Abbotsford for suitable opportunities, but are finding that the market is moving even faster for these kinds of sites in the Fraser Valley.
Higher density transit-oriented development sites are starting to see more interest than they have since Q1 2020, however buyers of this type of land are still taking a slower approach as the market finds its footing.
New residential projects in Burquitlam continue to perform well whether they be high rise, wood frame, or townhouse, but the number of units in the entitlement pipeline has many sophisticated buyers taking a wait and see approach before pursuing opportunities in this area.
Check out our curated summary of the Real Estate Board of Greater Vancouver’s January stats in infographics below.
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.
View the Real Estate Board of Greater Vancouver’s entire stats package for January 2021 here.
This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.