VANCOUVER EAST JANUARY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release notes that January 2022 sales of all residential properties are 25.3 percent above the 10 year average for the month. However they were still down by 4.4 percent last month compared to January 2021. Buyer apathy is not the issue, it’s a nagging low supply, and that has spawned heightened competition with subsequent upward pressure on prices. Annually, new listings drop 6.9 percent while the total inventory of listed properties falls 31.8 percent year to year. Last month the composite value of all properties is 18.5 percent higher than the previous January.
The graph shows a sharp increase of 5 percent from December to January in the average price for detached properties. The benchmark price for detached homes in January 2022 is 22.7 percent higher than last January. Year to year the volume of house sales is down by 15.9 percent.
This January versus January 2021, east side house prices are 16.7 percent higher. Year over year Vancouver east detached sales tumble by 40.4 percent. January to January east side inventory declines 15.4 percent.
From December to January east side house sales drop 30.9 percent. Month to month east side inventory is 97.3 percent higher.