Market Update: January Stats Prove Busy Start to The New Year

January soared above the historical record in the number of home sales, while the number of homes listed trended downward. Once again, we see the there’s nothing typical about the Vancouver Housing market. And, it comes as no surprise when we see sales are nearly 15% higher than the average over the last 10 years. Personally, it’s been a great start to the year with a total of 6 high-end sales in pre-sale buildings:For more information on these or any of Vancouver’s prestigious developments, please contact me! In my experience, having this kind of start to the year is a strong indication that the Vancouver real estate market has strong confidence like we've seen before. It’s exciting to see buyers lining up to pre-buy condos again.

Plus, the market for detached homes is holding strong, especially in the East Side. Ray Harris, President of the Real Estate Board of Greater Vancouver (REBGV), reports, “While demand remains steady, we’re seeing fewer homes for sale at the moment. This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”

Another factor affecting the housing market is the lowering of the benchmark interest rate by the Bank of Canada, allowing Canadians to expand their options within the market. Ray Harris notes, “A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for. It’s important that you do your homework and understand how these announcements impact your situation.”

Below are a few more stats to sink your teeth into, for the complete mathematical analysis go to REBGV for the January 2015 report.

Single-family house sales - "in January 2015 reached 781, an increase of 7.3% from the 728 detached sales recorded in January 2014, and a 44.1% increase from the 542 units sold in January 2013. The benchmark price for [single family home] properties increased 8.4% from September 2014 to $1,010.000.” 

Condo sales - "reached 809 in January 2015, an increase of 7.4% compared to the 753 sales in January 2014, and a 40.5% increase compared to the 576 sales in January 2013. The benchmark price of a [condo] property increased 2.5% from January 2014 to $479,600.” 

Townhouse sales - "in January totalled 323, a 15.8% increase compared to the 279 sales in January 2014, and a 38.6% increase over the 233 attached properties sold in January 2012. The benchmark price of a [townhouse] unit increased 4.8% between January 2014 and 2015 to $479, 600.”