Slump In Vancouver Home Sales During January

In the course of last month, the sales of homes sold in Metro Vancouver had a sharp decline in the number of home sales, together with detached home causing the largest drag on the housing market.  The figures shown by the Real Estate Board of Greater Vancouver in the sale of homes showed to have decreased by 3.9 per cent over the year in January, with 1,523 homes sold. It was 11 per cent less than the home sales in December 2016.

President of the Real Estate Board of Greater Vancouver (REBGV), Dan Morrison said; “From a real estate perspective, it’s a lukewarm start to the year compared to 2016. 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.”

There’s was a drop of 57 per cent in detached homes to just 444 from the previous year. The detached prices of homes compared to how it was six month before dropped by 6.6 per cent, it was down to an average price of $1,474,800, and was also 0.6 per cent less than December’s benchmark price.

Morrison said; “Conditions within the market vary depending on property type. The townhome and condominium markets are more active than the detached market at the moment. 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 good news was the prices of that the apartment also saw an increase of 0.3 per cent in 6 months to an average $512,300 which was up from December by 0.3 per cent. The sales of apartments went down by 24.7 per cent, although it was 825 sales in the previous month compared to last year.

In the past six months, the prices for attached homes declined by 0.4 per cent, which was up from December by 0.7 per cent, to an average $666,500. However, sales decreased over the year by 32.4 per cent to 254 units. Current listings during last month slumped by 6.8 per cent from last year but went up from December to 4,140 by 215.5 per cent.