VANCOUVER WEST JANUARY TOWNHOME MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release notes that although January is typically a slower month in Real Estate, it does not explain sales last month being 42.9 percent below the month’s average. This sizeable reduction was actually foreseen because of recent escalating interest rates and a nagging low inventory. New listings last month are 20.9 percent lower than January previous, while the total inventory of listed properties is up 32.1 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 55.3 percent compared to January 2022. The composite value of all properties is 6.6 percent lower January to January. With mortgage rates now stalled there is blossoming optimism for stabilization.
From December to January the graph reports an increase of 5.9 percent in value for the average attached unit in Metro Vancouver. Last month compared to the previous January the benchmark townhouse price is down 3 percent. The volume of townhome sales fall 55.2 percent year to year.
Vancouver west townhouse prices are down 8.4 percent from January to January. Attached unit sales tumble 59.2 percent year to year. This January versus January 2022 inventory is 27.6 percent lower.
From December to January, west side attached sales are down 25 percent less. Month to month, Vancouver west attached inventory is inflated by 217.9 percent.