As we welcomed in a new year, January didn’t carry over much change to the levels of housing supply across Metro Vancouver. With inventory remaining low, house prices continued to edge upwards, whereas the number of home sales for the month did the opposite.
Keith Stewart, an economist at the Real Estate Board of Greater Vancouver (REBGV) commented that “Our listing inventory on the Multiple Listing Service® (MLS®) is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices.”
As we move toward spring, Stewart adds that the REBGV will, “keep a close eye on the impact of rising interest rates on buyers’ willingness to buy, and on whether more homeowners will opt to become sellers in what’s traditionally the busiest season of the year. With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.”
January 2022 – Housing Market at a Glance
Even with a dip in home sales, the REBGB still reported 2,285 residential home sales in January across the region, which is still 25.3% above the 10-year January sales average. However, this figure comes in 15% lower than that of December when we finished off 2021 (which had 2,688 sales), and 4.4% lower than the 2,389 sales recorded in the same month a year ago.
Across Metro Vancouver, there were 4,170 detached, attached and apartment properties newly listed for sale on the MLS® last month. When you compare that against January back in 2021, this figure is 6.9% lower (4,480 listings). However, compared to a month ago in December 2021, this shows a big 114.4% jump from the 1,945 homes that were listed back then.
The total number of homes currently listed for sale across the region on the MLS® is 5,663 – a 31.8% drop compared to a year ago in January 2021 (which saw 8,306 listings), but an 8.2% increase compared to the 5,236 listings in December last year.
January 2022 – Sales-to-Active Listings Ratio and Composite Benchmark Price
For all property types, the sales-to-active listings ratio for January 2022 was 40.3%. By property type, the ratio breakdown was:
– 28% for detached homes
– 51.6% for townhomes
– 49.7% 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.
For all residential properties in Metro Vancouver, the MLS® Home Price Index composite benchmark price is currently $1,255,200. This represents an 18.5% increase over January 2021 and a 2% increase compared to December 2021.
January 2022 – Metro Vancouver Home Sales by Property Type
622 detached homes were sold last month in January, a 15.9% drop from 740 detached sales recorded a year ago in January 2021. The benchmark price for a detached home is $1,953,000. This represents a 22.7% increase from January 2021 and a 2.2% increase compared to December 2021.
1,315 apartment homes found new owners in this past month – 10% more compared to January last year which saw 1,195 sales. The benchmark price of an apartment property is $775,700. This represents a 14% increase from January 2021 and a 1.8% increase compared to December 2021.
348 sales for attached homes were recorded in January just been, 23.3% lower than the 454 sales in the same month last year. The benchmark price of an attached home is $1,029,500. This represents a 24.3% increase from January 2021 and a 2.5% increase compared to December 2021.
In a time when property options are scarce for buyers across the region, our market-leading REALTORS® make it their top priority to keep across what is happening in the area so they can provide you with the most up-to-date information and advice. If you’ve been considering selling your home, now is a fantastic time to reach out to our team and get a current market valuation done on your home. It might just be the final piece of the puzzle you need to (literally) make a move!
Sell your home with the peace of mind that comes from working with the top, most celebrated talent in town.
*Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.