Vancouver-area home sales rebound from last year as prices inch downward: REBGV

Sales remained steady while fewer people put their homes on the real estate market in Vancouver and the surrounding region last month.

The Real Estate Board of Greater Vancouver (REBGV) reported residential home sales in January were 7.3 per cent below the 10-year average, but still more than 42 per cent higher than sales during January 2019.

Board president Ashley Smith said 2020 began with fewer homes listed for sale than is typical for this time of year, but she said there was steady demand for the listings.

The spring market is usually more active and Smith said the board will be watching to see if home listings keep pace with demand.

Apartment sales jumped to 814 units last month, a 45.6 per cent increase compared with January last year, while the benchmark price slipped 1.5 per cent to $663,200.

The benchmark price for a detached home in the region also fell in January by 1.7 per cent to just over $1.43 million.

Municipalities and areas covered by the REBGV include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver, and Whistler.

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