VANCOUVER EAST JANUARY HOUSE 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 indicates a decline of 3.7 percent in the average price for detached properties. The benchmark price for houses in January 2022 is 9.1 percent below the previous January. Year to year the volume of detached home sales is down by 52.6 percent.
This January versus January 2022, east side house prices are 9.3 percent lower. Year over year Vancouver east detached sales tumble 49.3 percent. From January to January east side inventory is down 29 percent.
From December to January east side house sales drop 13.2 percent. Month to month east side inventory balloons by 183.8 percent.