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
Invasive and toxic hammerhead worms make themselves at home in Ontario
Ontario is now home to an invasive and toxic worm species that can grow up to three feet long and can be dangerous to small animals and pets.
Ontario to ban use of cellphones in school classrooms starting in September
Ontario is introducing a suite of measures that will crack down on cellphone use and vaping in schools.
Murder charge laid after man falls to death from Toronto apartment balcony
One person has been charged with second-degree murder in connection with the death of a man who fell from a balcony following an altercation inside a Toronto apartment building.
Ukraine's army chief reports tactical retreat in the east, and warns of front-line pressure
Ukraine's troops have been forced to make a tactical retreat from three villages in the embattled east, the country's army chief said Sunday, warning of a worsening battlefield situation as Ukrainian forces wait for much-needed arms from a huge U.S. aid package to reach combat zones.
Zendaya tennis movie ‘Challengers’ scores at weekend box office
Zendaya and castmates Mike Faist and Josh O’Connor have been on a globetrotting press tour to get the word out about Italian director Luca Guadagnino's original film, which opened in 3,477 locations in the U.S. and Canada.
Dozens in Italy give a fascist salute on the anniversary of Mussolini's execution
Dozens of people raised their arms in the fascist salute and shouted a fascist chant during ceremonies Sunday to honor Italian dictator Benito Mussolini on the 79th anniversary of his execution.
Have you heard the one about Trump? Biden tries humour on the campaign trail
U.S. President Joe Biden is out to win votes by scoring some laughs at the expense of Donald Trump, unleashing mockery with the goal of getting under the former president's thin skin and reminding the country of his blunders.
'Do not consume': Gift Chocolate recalled due to undeclared milk, soy
The Canadian Food Inspection Agency has issued a recall for a specific chocolate brand sold in Ontario and Quebec.
Laurentian University to spend millions on recommendations in second budget post insolvency, but nothing new to reopen pool
Laurentian University's board of governors approved a budget of just over $201.7 million for the 2024-2025 fiscal year.