January 2015 Market Review

Home Buyers Remain Active Despite Reduced Selection

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the MLS® in January 2015. This represents an 8.7% increase compared to the 1,760 sales recorded in January 2014, and a 9.6% decline compared to the 2,116 sales in December 2014. Last month’s sales were 14.9% above the 10-year sales average for the month. 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,737 in January. This represents an 11.4% decline compared to the 5,345 new listings reported in January 2014. Last month’s new listing count was 1.2% higher than the region’s 10-year average for the month. “The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners,” REBGV president said. “A reduced rate could allow you to pay down your mortgage faster, save on your monthly payments, or change the amount you qualify for. It’s important that you understand how this will impact your situation.” 

Sales of detached properties in January 2015 reached 781, an increase of 7.3% from the 728 detached sales recorded in January 2014, and a 44.1% increase from the 542 units sold in January 2013. The benchmark price for a detached property in Metro Vancouver increased 8.4% from January 2014 to $1,010,000. 

Sales of apartment properties reached 809 in January 2015, an increase of 7.4% compared to the 753 sales in January 2014, and an increase of 40.5% compared to the 576 sales in January 2013.

Attached property sales in January 2015 totalled 323, an increase of 15.8% compared to the 279 sales in January 2014, and a 38.6% increase from the 233 attached properties sold in January 2013. The benchmark price of an attached unit increased 4.3% between January 2014 and 2015 to $479,600.