Home buyer demand depends on property type
VANCOUVER, BC – February 2, 2018 –
Attached and apartment homes are in demand
across Metro Vancouver* while detached home buyers are facing less competition today.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in
January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.
Last month’s sales were 7.1 per cent above the 10-year January sales average.
By property type, detached sales were down 24.8 per cent from the 10-year January average, attached sales
increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period.
“Demand remains elevated and listings scarce in the attached and apartment markets across
Metro Vancouver,” Jill Oudil, REBGV president said.
“Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be
successful, it’s important to set prices that reflect today’s market trends.”
There were 3,796 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in January 2018. This represents an 8.3
per cent decrease compared to the 4,140 homes listed in January 2017 and a 100.7 per cent
increase compared to December 2017 when 1,891 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 6,947, a four per cent decrease compared to January 2017 (7,238) and a 0.2 per cent decrease
compared to December 2017 (6,958).
For all property types, the sales-to-active listings ratio for January 2018 is 26.2 per cent. By
property type, the ratio is 11.6 per cent for detached homes, 32.8 per cent for townhomes, and
57.2 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
the 12 per cent mark for a sustained period, while home prices often experience upward pressure
when it surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential homes in Metro
Vancouver is currently $1,056,500. This represents a 16.6 per cent increase over January 2017
and a 0.6 per cent increase compared to December 2017.