Close X
Saturday, October 5, 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

Parliamentary security preps for weekend protest

Parliamentary security preps for weekend protest
A semi-trailer emblazoned with an expletive against Prime Minister Justin Trudeau was spotted already in downtown Ottawa Thursday, but many more vehicles are expected over the next two days.

Parliamentary security preps for weekend protest

Seek more diverse Tory candidates: election review

Seek more diverse Tory candidates: election review
Three Conservative sources, who were briefed on the report presented to the national caucus Thursday, shared some of its findings and recommendations. 

Seek more diverse Tory candidates: election review

Sunwing party flight organizer blames airlines

Sunwing party flight organizer blames airlines
James William Awad told reporters at a new conference today that Sunwing, along with Air Canada and Air Transat, should be "ashamed" of themselves for refusing to fly his group back to Canada based on videos of the flight that circulated on social media.

Sunwing party flight organizer blames airlines

Elderly woman from South Vancouver out $10K after being targeted by scammer

Elderly woman from South Vancouver out $10K after being targeted by scammer
Police are also asking financial institutions to watch out for seniors making unusually large withdrawals. The most recent incident happened yesterday when a 73-year-old woman from South Vancouver received a call from someone posing as her granddaughter, claiming to be in jail and needing $10,000 for bail.

Elderly woman from South Vancouver out $10K after being targeted by scammer

Former Vancouver Canuck Jake Virtanen charged in sexual assault investigation: VPD

Former Vancouver Canuck Jake Virtanen charged in sexual assault investigation: VPD
BC Prosecution Service approved one count of sexual assault against Virtanen, 25, in relation to an incident that occurred in Vancouver on September 26, 2017, when Virtanen was playing in the National Hockey League.

Former Vancouver Canuck Jake Virtanen charged in sexual assault investigation: VPD

Frontline RCMP enforcement nets two loaded guns in two days

Frontline RCMP enforcement nets two loaded guns in two days
Inside the residence, police located and seized several items including: a loaded shotgun, ammunition, a replica handgun, and body armour. A small quantity of cash, suspected illicit drugs, and other items consistent with drug trafficking were also located. 

Frontline RCMP enforcement nets two loaded guns in two days