Vancouver real estate: January home sales slow as supply dwindled, board says

A real estate sign is pictured in Vancouver on June, 12, 2018. (THE CANADIAN PRESS/Jonathan Hayward)

The Real Estate Board of Greater Vancouver says January home sales slowed from a record-setting pace last year as the number of properties available dropped.

The B.C. board says home sales totalled 2,285 las month, an almost five per cent decrease from 2,389 in January 2021 and a 15 per cent fall from 2,688 in December 2021.

However, the board says sales last month were 25.3 per cent above the 10-year January average.

The board also recorded 4,170 new listings last month, down almost seven per cent from 4,480 homes last January, but more than double December 2021, when 1,945 homes were listed.

The benchmark price for all residential properties in the region reached more than $1.2 million last month, up 18.5 per cent from last January and two per cent from December.

The board's economist Keith Stewart says conditions in the market remain tight because there is a lack of supply and a lot of people taking advantage of low interest rates.

“Our listing inventory on MLS is less than half of what would be optimal to begin the year. As a result, hopeful homebuyers have limited choice in the market today,” he said, in a statement.

“This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices.”

This report by The Canadian Press was first published Feb. 2, 2022.