Vancouver actual property gross sales slowed in January with fewer properties: Board

The Actual Property Board of Larger Vancouver says house gross sales in January slowed to a record-setting tempo final 12 months because the variety of obtainable properties fell.

The BC board says house gross sales totaled 2,285 final month, a decline of practically 5 p.c from 2,389 in January 2021 and a 15 p.c drop from 2,688 in December 2021.

Nonetheless, the board says that gross sales final month had been 25.3 per cent increased than the 10-year January common.

The board additionally recorded 4,170 new listings final month, down practically seven per cent from 4,480 properties in January final, however greater than double from December 2021, when 1,945 properties had been listed.

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The benchmark worth for all residential properties within the space soared to greater than $1.2 million final month, up 18.5 p.c from final January and up two p.c from December.

Board economist Keith Stewart says market situations stay tight as there’s a provide crunch and many individuals are making the most of decrease rates of interest.

“Our itemizing stock on MLS is lower than half of optimum for the beginning of the 12 months. Consequently, optimistic house patrons have restricted choices out there in the present day,” he stated in a press release.

“This development is creating fierce competitors for a scarce variety of properties on the market, which in flip drives up costs.”

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