New Year Gives New Start in Vancouver

Vancouver, BC

Home sales and listings trends are below long-term averages in the Metro Vancouver housing market. This is due largely to reduced activity in the detached home market. Residential property sales in the region totalled 1,523 in January 2017, a 39.5% decrease from the 2,519 sales recorded in January 2016 and an 11.1% decrease compared to December 2016 when 1,714 homes sold. Conditions within the market vary depending on property type. Detached home prices have declined about 7% since peaking in July while townhome and condominium prices have held steady over this period. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $896,000. This represents a 3.7% decline over the past six months and a 0.2% decrease compared to December 2016.