The Real Estate Board of Greater Vancouver (REBGV) report for January 2018 was released early this month. Townhomes and condos continued to dominate the real estate market – a trend that has carried forward from 2017. Detached homes, on the other hand, faced less competition.
“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REGBV President said. “Buyers in the detached market are facing less competition and have much more selection to chose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market demands.”
January recorded 1,818 sales of residential properties. While this was up from the 1,523 sales recorded in January 2017, it was down by 9.8% when compared to the 2,016 homes sold in December 2017.
The MLS recorded 3,796 newly listed homes for January 2018. This pushed the total home listings to 6,947. In comparison, in January 2017 there were 4,140 new homes listed and in December 2017 only 1,891 new homes were listed.
In terms of total listings by property type, January 2018 had:
4,204 Detached homes
Sales-To-Active Listings Ratio
The January ratio was 26% across Metro Vancouver. By property type, the ratio was 11.6% for detached homes, 32% for townhomes and 57% for condos.
When the ratio is at 12% or below for a sustained period, there is downward pressure on home prices, and when it is above 20%, there is upward pressure.
These figures tell us that detached homes are now entering buyer’s market territory, while condos and townhomes firmly remain in seller market territory.
The MLS Home Price Index composite benchmark price for all residential homes in Metro Vancouver was $1,056,500. This represented a 16.6% increase over January 2017 and a 0.6% increase compared to December 2017.
Since October 2017, detached home prices have declined 0.5%, whereas townhome prices have increased 0.2% and condo prices have increased 3.6%.
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