VANCOUVER WEST 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.
Last month versus January 2022, Vancouver west detached prices are down 11.6 percent. West side house sales drop 61.5 percent year to year. January 2022 inventory is 30.8 percent below the January before.
From December to January west side house sales fall 34.2 percent. Month to month detached inventory shoots up 157.1 percent.