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Home sale activity up, supply down to start 2020


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Shared on March 2nd, 2020

VANCOUVER, BC – February 4, 2020 – Home sale and price activity remained steady in
Metro Vancouver* to start 2020 while home listing activity declined in January.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 1,571 in January 2020, a 42.4 per cent increase from the 1,103 sales recorded in
January 2019, and a 22.1 per cent decrease from the 2,016 homes sold in December 2019.
Last month’s sales were 7.3 per cent below the 10-year January sales average.
“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term
average,” Ashley Smith, REBGV president said. “Looking at supply, we’re seeing fewer homes
listed for sale than is typical for this time of year. As we approach the traditionally more active
spring market, we’ll keep a close eye on supply to see if the number of homes being listed is
keeping pace with demand.”
There were 3,872 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in January 2020. This represents a 20.1
per cent decrease compared to the 4,848 homes listed in January 2019 and a 143.8 per cent
increase compared to December 2019 when 1,588 homes were listed.
Last month’s new listings were 17.4 per cent below January’s 10-year average.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
8,617, a 20.3 per cent decrease compared to January 2019 (10,808) and a 0.2 per cent increase
compared to December 2019 (8,603), and is 13.7 per cent below the 10-year January average.
For all property types, the sales-to-active listings ratio for January 2020 is 18.2 per cent. By
property type, the ratio is 11.6 per cent for detached homes, 22.6 per cent for townhomes, and
23.9 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
per cent 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 properties in Metro
Vancouver is currently $1,008,700. This represents a 1.2 per cent decrease over January 2019, a
1.4 per cent increase over the past six months, and a 0.8 per cent increase compared to December
2019.
Sales of detached homes in January 2020 reached 439, a 29.5 per cent increase from the 339
detached sales recorded in January 2019. The benchmark price for detached properties is
$1,431,200. This represents a 1.7 per cent decrease from January 2019, a one per cent increase
over the past six months, and a 0.5 per cent increase compared to December 2019.
Sales of apartment homes reached 814 in January 2020, a 45.6 per cent increase compared to the
559 sales in January 2019. The benchmark price of an apartment property is $663,200. This
represents a one per cent decrease from January 2019, a 1.5 per cent increase over the past six
months, and a one per cent increase compared to December 2019.
Attached home sales in January 2020 totalled 318, a 55.1 per cent increase compared to the 205
sales in January 2019. The benchmark price of an attached unit is $782,500. This represents a 0.7
per cent decrease from January 2019, a 1.6 per cent increase over the past six months, and a 0.5
per cent increase compared to December 2019.

January REBGV-Stats-Package-for-Media



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