The Real Estate Board of Greater Vancouver (REBGV) is reporting that inventory remains low in Metro Vancouver, while home sales dipped well below monthly historical averages last month.
The REBGV numbers for January 2023 indicate that residential home sales in the region saw a 55.3 per cent decrease from the sales recorded in January 2022, and a 21.1 per cent decrease from the homes sold in December 2022.
Last month’s sales were also 42.9 per cent below the 10-year January sales average.
In a news release, Andrew Lis, REBGV Director of Economics and Data Analytics, said the peak for prices in the market occurred last spring.
Over the coming months, year-over-year data comparisons will show larger price declines, he said.
According to the REBGV, the benchmark price for a detached single-family house in Ladner last month was $1,267,700. That’s down 2.5 per cent from December 2022, while down even further to 16 per cent from January 2022.
The benchmark price for a detached house in Tsawwassen in January 2023 was $1,434,600, almost unchanged from the previous month, but down 11.2 per cent from January 2022.
The benchmark prices for a townhouse in Ladner last month was $926,800, while it was $937,100 in Tsawwassen.
The benchmark price for a condo in Ladner and Tsawwassen in January 2023 was $691,100 and $713,500 respectively.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) says the downward trend in Fraser Valley real estate sales continued in January 2023 as further interest rate hikes kept buyers sidelined.
Sales were off by 12.6 per cent compared to December 2022 and down by 52.2 per cent compared to January 2022. The last time January sales were this low was in 2013.
Sandra Benz, president of the Fraser Valley Real Estate Board, noted buyers are understandably cautious, which explains the slow start to the year.
However, the pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, she noted.
According to the FVRB, the benchmark price for a single-detached house in North Delta last month was $1,226,900, down 22 per cent from January 2022. The benchmark price for a North Delta townhouse and condo last month was $817,500 and $550,400 respectively.