Real Estate Trends - January 2015 Update

(July 27, 2015 , posted in Real Estate Trends)

January at a Glance

In 2014, there were 84,049 properties sold in BC. The BC Real Estate Association projects home sales to rise 2.4% this year and 3.9% in 2016. This will keep home sales over the ten-year average of 82,100.

1,913 residential properties were sold in Greater Vancouver in January 2015. That is a 9.6% decline when compared to the previous month’s sales of 2,116 properties but an 8.7% increase when compared to January 2014’s sales of 1,760. Last month was the highest selling January since 2010. It was 14.9% above the 10 year January average.

In 2014, the average sale price for a residential property in BC was $568,405. The BC Real Estate Association projects this to rise 4.5% this year and 2.4% next year. In the Greater Vancouver area, the average sale price is forecast to rise 4% to $845,000 this year and then 2.4% to $865,000 in 2016.

In January there were 4,737 new listings in Greater Vancouver, bringing the total of properties listed on the REBGV MLS® to 10,811. This is an increase of 4.8% from December 2014 and a decline of 14.2% compared to January 2014.

The MLS® Home Price Index composite benchmark for residential properties in Greater Vancouver is currently $641,600. This shows a 5.5% increase when compared to the same time last year. Specifically, detached homes rose 8.4%, town homes rose 4.3% and condos rose 2.5%.

There were 1,843 detached properties listed in January. This is the lowest total of detached homes listed in the past 4 years. There were 784 detached properties sold last month. The average price per unit was $1,303,256. In January 2014, detached property sales totaled 728 and in 2013 542.

There were 675 attached properties listed in January and 323 attached properties sold. The average price per unit was $566,893. In January 2014, attached property sales totaled 279 and in 2013 233.

There were 2,231 apartments listed in January and 809 apartments sold. The average price per unit was $468,872. In January 2014, apartment sales totaled 753 and in 2013 576.

Although the sales to active ratio in Greater Vancouver is balanced at 17.7%, it is still a competitive market specifically for detached homes, given the total listings are among the lowest we have seen in the past 4 years and demand is steadily increasing. There are no signs that the real estate market will slow down just yet.

Please click on the link below to watch the REBGV Market Update for January 2015.