Vancouver home sales rise in January as demand outpaces newly listed properties

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VANCOUVER -

The Real Estate Board of Greater Vancouver says home sales got off to a strong start in the first month of 2024 but the pace of newly listed properties did not keep up with demand.

The board says January home sales totalled 1,427, a 38.5 per cent increase from the same month last year, though it was still 20.2 per cent below the 10-year seasonal average of 1,788 for the month.

There were 3,788 new listings of detached, attached and apartment properties last month, a 14.5 per cent increase from January 2023, but new listings were 9.1 per cent below the 10-year seasonal average.

The composite benchmark home price in January for Metro Vancouver was $1,942,400, a 7.3 per cent increase from a year earlier and a 1.1 per cent decrease from December.

Andrew Lis, the board's director of economics and data analytics, says the strong sales figures last month were somewhat surprising after a quiet December, adding that if sellers “don't step off the sidelines soon, the competition among buyers could tilt the market back into sellers' territory as the available inventory struggles to keep pace with demand.”

He says the board is forecasting a two to three per cent increase in home prices by the end of the year due to higher demand and too little inventory, but that could be an “overly conservative” estimate based on the January figures.

This report by The Canadian Press was first published Feb. 2, 2024.