Vancouver home sales rise in January as demand outpaces newly listed properties
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.
CTVNews.ca Top Stories
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.