Metro Vancouver real estate hasn’t exactly started the new year like a house on fire.
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” said Dan Morrison, the president of the Real Estate Board of Greater Vancouver (REBGV).
That’s creating some opportunities for buyers who had decided to step aside from last spring’s market madness.
In fact, prices for detached homes have declined about seven per cent since July, said Morrison. “Conditions with the market vary depending on property type. The townhome and condominium markets are more active than the detached market at the moment.”
That’s been our experience. Townhomes and condos are selling quickly. Some are commanding offers greater than their listed price. Detached houses are staying on the market longer.
True to form, sellers are waking from their usual December doldrums. New listings of detached homes, townhomes and condos increased 215.5 per cent over the end of 2016. There were 4,140 new listings in January, but only 1,312 in December.
Overall, there are 7,238 homes currently listed for sale in Metro Vancouver, 9.1 per cent more than a year ago.
Sales of detached homes in January were down 57.6 per cent from a year ago. Condo sales dipped 24.7 per cent and townhouse sales went down 32.4 per cent.
That’s helped nudge the ratio of sales to active listings to 21 per cent, the lowest since January, 2015. Analysts say housing prices start to feel downward pressure when the ratio goes below 12 per cent for a sustained period.
House prices down in Metro Vancouver real estate market
The benchmark price for a typical detached home in Metro Vancouver has gone down 6.6 per cent over the last six months to $1,474,800. It’s also dipped slightly for townhomes to $666,500. That’s .4 per cent less than it was six months ago, but it is .7 per cent more than it was in December.
For condo apartments in Metro Vancouver, the benchmark price has increased .3 per cent over the past six months to $512,300. In New Westminster, the benchmark price for a condo is up 5 per cent over the last six months to $387,700. For condos in North Burnaby it’s gone up 6.3 per cent to $490,800.
REBGV stats for Metro Vancouver real estate market in January