Last month’s home sales represent the second-lowest January total in Greater Vancouver since 2001, the Real Estate Board of Greater Vancouver (REBGV) reported yesterday.
The board reported that 1,351 homes were sold in January – a 14.3% decrease compared with the number of homes sold during the same period last year (1,577).
“It appears many home sellers are opting to remove their homes from the market rather than settle for a price they don’t want,” said REBGV president Eugen Klein.
“Home sale activity has been below historical averages in Greater Vancouver for about seven months.”
Klein said home sale prices have fallen by around 6% since peaking last spring. The composite benchmark price for January was $588,100, compared with $625,100 in May 2012.
Month-over-month home sales increased by 18.3% in January 2013 compared with sales in December 2012 (1,142).