According to the Real Estate Board of Greater Vancouver (REBGV), the West Coast city recorded a total of 1,913 sales during the month of January, an 8.7 per cent increase over the year-ago period, and a 14.9 per cent increase over the 10-year average.
The number of listings, meanwhile, declined year-over-year, dropping 11.4 per cent to 4,737 units. Still, that’s 1.2 per cent higher than the 10-year average.
“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, REBGV president, said. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”
That competition is also driving price growth. The average price of a detached home surpassed the million-dollar benchmark, rising 8.4 per cent to $1.01 million. Semi-detached properties and townhomes saw an average price increase of 4.3 per cent, to $479,600, while the average price of condominiums rose 2.5 per cent to $382,800.
Harris also pointed to the Bank of Canada’s decision to lower the benchmark interest rate by 25 basis points, alluding to the impact that will undoubtedly have on potential buyers’ lust for a piece of the market.
“A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for,” he said in the REBGV press release. “It’s important that you do your homework and understand how these announcements impact your situation.”
Canada’s most expensive market is not ready to cool just yet, as January data paints a picture of steadily rising sales and ever-increasing average prices.