January results for the Greater Vancouver housing market were better than the ten-year average. The Real Estate Board of Greater Vancouver (REBGV) announced that the total number of residential property sales in January 2014 reached 1,760 on the Multiple Listing Service® (MLS®). This is 30.3 per cent more than the 1,351 sales in January 2013, and 9.9 per cent less than the 1,953 sales in December 2013.

Vancouver by Andriy Baranskyy

Overall, January sales stayed 7.2 per cent above the ten-year sales average for the month. Sandra Wyant, REBGV president, said:

“The Greater Vancouver housing market has been in a balanced market for nearly a year. This has meant steady home sale and listing activity accompanied by stable home prices.”

This January, new listings for detached, attached, and apartment properties in Greater Vancouver amounted to 5,345. This represents a 4.2 per cent increase compared with the 5,128 new listings reported in January 2013.

The number of last month’s new listings was 17.7 per cent higher than the region’s ten-year new listing average for the month.

The number of properties currently listed for sale on the Greater Vancouver MLS® is 12,602. This number represents a decline of 4.9 per cent compared to January 2013, and a 9 per cent increase from December 2013.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $606,800. This number shows a substantial 3.2 per cent increase compared to January 2013.

The sales-to-active-listings ratio stayed at 14 per cent, which is a sign of a healthy and balanced market in the region. Wyant explained:

“If you’re looking to sell your home in a balanced market, it’s critical that your list price is reflective of current market conditions.”

Detached property sales in January 2014 reached 728, increasing 34.3 per cent from the 542 detached units sold in January 2013, and 10.5 per cent from the 659 units sold in January 2012. The benchmark price for a detached property in Greater Vancouver increased 3.2 per cent from January 2013, to $929,700.

Apartment sales reached 753 in January 2014. This number represents an increase of 30.7 per cent compared to the 576 sales in January 2013, and 14.6 per cent compared to the 657 sales in January 2012. The benchmark price of an apartment property increased 3.7 per cent from January 2013, to $371,500.

Attached property sales totalled 279 in January 2014, an increase of 19.7 per cent compared to the 233 sales in January 2013, and a 6.9 per cent increase from the 261 attached properties sold in January 2012. The benchmark price of an attached unit increased 1.7 per cent between January
2013 and 2014, to $457,700.

 Richmond, Vancouver East, and Vancouver West

As we can see from the statistics, January 2014 sales stayed on a similar level as December 2013 sales — sometimes slightly lower, and sometimes slightly higher. The biggest differences were reported in the segment of apartment sales in all three districts. Vancouver East apartment sales have dropped by a third since the last month. We can't be sure whether this is a new trend or a coincidence, but accounting for the sales in the other types of housing properties that remained strong, it's likely the latter.

Data For January 2014

Richmond

Detached property sales in Richmond totalled 114 in January 2014. This represents an increase of 80.95 from January 2013, with 63 detached units sold, and a 28.09 per cent increase from 89 units sold in December 2013. The benchmark price of an attached unit was $1,160,000.

There were 61 sales of attached houses in Richmond in January 2014, an increase of 41.86 per cent from January 2013 with 43 attached units sold, and also an increase of 24.49 per cent from the 43 units sold in December 2013. The benchmark price of an attached unit was $480,000.

Apartment sales reached 89 in Richmond in January 2014, an increase of 50.85 from January 2013, and a decrease of 19.82 from December 2013, when 111 units sold. The benchmark price of an attached unit was $330,000.

Vancouver East

Detached property sales for Vancouver East in January 2014 totalled 80, which was an increase of 42.86 per cent from the 56 properties sold in January 2013, and a decrease of 27.27 per cent from December 2013, when 110 detached properties sold. The benchmark price of an attached unit was $915,000.

There were 29 attached property sales in the Vancouver East in January 2014. This figure represents an increase of 7.41 per cent from the 27 attached properties sold in January 2013, and a decrease of 12.12 per cent from 33 units sold in December 2013. The benchmark price of an attached unit was $620,000.

Apartment sales in the Vancouver East totalled 62 in January 2014, representing an increase of 8.77 per cent from the 57 apartment units sold in January 2013, and a decline of 31.11 per cent from the 90 units sold in December 2013. The benchmark price of an attached unit was $342,500.

Vancouver West

Detached property sales in Vancouver West in January 2014 totalled 117, increasing 40.96 per cent from the 83 units sold in January 2013, and increasing 5.41 per cent from December 2013, when 111 sales were realized. The benchmark price of an attached unit was $2,468,000.

There were 29 sales of attached houses in Vancouver West in January 2014 — exactly the same number of sales as in January 2013, and a decrease of 19.44 per cent from the 36 units sold in December 2013. The benchmark price of an attached unit was $761,000.

Apartment sales in Vancouver West reached 244 in January 2014, which was a 22 per cent increase from the 200 units sold in January 2013. In comparison with December 2013, there was one sale fewer than in January 2014, which means a decrease of 0.41 per cent. The benchmark price of an attached unit was $474,000.

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