In Metro Vancouver, home sales and pricing behavior remained constant at the beginning of 2020, although home selling activity decreased in January.
The Real Estate Board of Greater Vancouver (REBGV) claims that residential home sales in the area were 1,571 in January 2020, showing a rise of 42.4 percent from the 1,103 sales reported in January 201. There is also a reduction of 22.1 percent from the 2,016 houses sold in December 2019. Sales last month were 7.3 percent just below the average sales in January for over ten years.
Throughout January 2020, there were 3,872 detached, attached, and recently listed apartment houses throughout Metro Vancouver for sale on the MLS. It reflects a decline of 20.1 percent relative to the 4,848 homes reported in January 2019 and a rise of 143.8 percent relative to the 1,588 homes listed in December 2019. New listings last month were 17.4 percent below the 10-year average of January.
The overall number of properties officially listed on the MLS network in Metro Vancouver were 8,617, a decline of 20.3 percent relative to January 2019 (10,808). It can be seen as a rise of 0.2 percent relative to December 2019 (8,603) and is 13.7 percent below the 10-year average in January.
Vancouver Realtors Point of View
According to Vancouver real estate agents, downward pressure on home prices usually takes place when the ratio falls below 12 percent over a long period. In contrast, home prices also face upward pressure as they reach 20 percent across several months.
Sales of detached homes hit 439 in January 2020, a rise of 29.5 percent from the 339 detached sales reported in January 2019. For detached property, the median price is $1,431,200. It represents a decline of 1.7 percent from January 2019, a rise of one percent in the past six months, and a boost of 0.5 percent from December 2019.
Demand is starting to outperform Metro Vancouver's supply of new homes coming on the market. The ratio of the number of home sales relative to the availability of available homes has been increasing over the last few months, suggesting a lack of choice for home buyers.
The sales-to-active listing ratio was 23.4 percent for all households last month. Categorized by type of property, the percentage for detached homes was 15.2 percent, for townhouses 25.7 percent, and for condos 32.5 percent.
For all forms of real estate, the January 2020 sales-to-active listing ratio is 18.2 percent. According to the type of property, the proportion of detached homes is 11.6%, for townhouses is 22.6%, and for condos is 23.9%. It looks like it is going to be a great season for a Vancouver realtor.