VANCOUVER WEST JANUARY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release repeats that home sales activity is outpacing the supply. Low interest rates are encouraging Buyers, although shifting housing need due to the pandemic leave some sectors more favoured than others. Still, last month sales were 36.4 percent above the average for January and all prices are feeling upward pressure. Last month the annual composite value of all properties is up 5.5 percent. Compared to January 2020, residential detached, attached and apartment sales increase 52.1 percent. New listings year to year are up 15.7 percent. The total inventory of listed properties however is down 3.6 percent January to January.
The graph shows an increase of 3.5 percent from December to January in the average price for Metro Vancouver detached properties. The benchmark price for detached homes last month is 10.8 percent higher than January 2020. The volume of house sales is up 68.6 percent year to year.
Last month versus the previous January, Vancouver west detached prices rise 3.9 percent. Year to year west side house sales are 97.1 percent higher. January 2021 Inventory is at par with January 2020.
From December to January west side house sales are down by 17.9 percent. Month to month detached inventory is 80 percent higher.