Close X
Tuesday, December 24, 2024
ADVT 
National

Jan. home sales slow, supply low: Vancouver board

Darpan News Desk The Canadian Press, 02 Feb, 2022 10:52 AM
  • Jan. home sales slow, supply low: Vancouver board

VANCOUVER - The Real Estate Board of Greater Vancouver says January home sales slowed from a record-setting pace last year as the number of properties available dropped.

The B.C. board says home sales totalled 2,285 las month, an almost five per cent decrease from 2,389 in January 2021 and a 15 per cent fall from 2,688 in December 2021.

However, the board says sales last month were 25.3 per cent above the 10-year January average.

The board also recorded 4,170 new listings last month, down almost seven per cent from 4,480 homes last January, but more than double December 2021, when 1,945 homes were listed.

The benchmark price for all residential properties in the region reached more than $1.2 million last month, up 18.5 per cent from last January and two per cent from December.

The board's economist Keith Stewart says conditions in the market remain tight because there is a lack of supply and a lot of people taking advantage of low interest rates.

“Our listing inventory on MLS is less than half of what would be optimal to begin the year. As a result, hopeful homebuyers have limited choice in the market today," he said, in a statement.

"This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices."

 

MORE National ARTICLES

Omicron cases peak but path ahead uncertain

Omicron cases peak but path ahead uncertain
The Omicron wave appears to be cresting across the country, but it's difficult to predict what's next for the pandemic, experts say. Prof. Bernard Crespi, an evolutionary biologist at Simon Fraser University, said the development of the Omicron variant of COVID-19 gives clues as to what might come.

Omicron cases peak but path ahead uncertain

Shooting in Central Abbotsford at a local apartment results in arrests of two men

Shooting in Central Abbotsford at a local apartment results in arrests of two men
Charges of Aggravated Assault have been approved against 36-year-old Haman Lamar Benamaisia & 39-year-old Adam Marton. An additional count of Assault with a Weapon was approved against Mr. Marton.    

Shooting in Central Abbotsford at a local apartment results in arrests of two men

Ottawa protest racks up costs to city, businesses

Ottawa protest racks up costs to city, businesses
Crowds that first arrived Friday have thinned out considerably on Parliament Hill and the surrounding area, where anti-COVID-19 restriction demonstrators have been protesting, and honking loudly, for days.    

Ottawa protest racks up costs to city, businesses

1,236 COVID19 cases for Tuesday

1,236 COVID19 cases for Tuesday
There are 28,302 active cases of COVID-19 in the province, and 293,488 people who tested positive have recovered. Of the active cases, 1,035 COVID-positive individuals are in hospital and 139 are in intensive care. The remaining people are recovering at home in self-isolation.

1,236 COVID19 cases for Tuesday

COVID-19 hospitalizations highest ever in B.C.

COVID-19 hospitalizations highest ever in B.C.
Dr. Bonnie Henry says 706 people have been hospitalized in the last week, but the numbers appear to be peaking. She says patients who contracted the dominant Omicron variant are going home in about half the time compared with those who are sickened with the Delta variant.

COVID-19 hospitalizations highest ever in B.C.

Wilson-Raybould outlines 'true reconciliation'

Wilson-Raybould outlines 'true reconciliation'
Jody Wilson-Raybould says allowing Indigenous self-determination would support the cultural, social and economic well-being of Indigenous Peoples, while giving nations, governments and industry the certainty needed during a transitional time.    

Wilson-Raybould outlines 'true reconciliation'

PrevNext