Last month was the second-highest January on record for home sales across Metro Vancouver, the Real Estate Board of Greater Vancouver (REBGV) announced February 2.
Sales for the month were 46% above the 10-year average for January, with a total of 2,519 units changing hands. This is up 32% compared with January 2015.
“Fundamental economics are driving today’s market,” REBGV president Darcy McLeod said.
“Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years.”
Detached property sales increased 34% to 1,047, compared with 781 units sold in the same month last year. The benchmark price for this home type grew 28%, reaching $1,293,700.
A total of 376 attached properties were sold in the region during the month, up more than 16% compared with 323 units last year, with the benchmark price also increasing over 16% to $563,700.
Apartment sales grew almost 36% with 1,096 units sold. This is up from 908 sales in the same month last year. The benchmark price for apartments was $456,600.
REBGV data does not include Surrey or Langley. It does include sales in Vancouver, North Vancouver, West Vancouver, Burnaby, Coquitlam, New Westminster, Richmond, Port Moody, Port Coquitlam, Pitt Meadows, Maple Ridge, South Delta, Whistler, Squamish and the Sunshine Coast.
@EmmaHampelBIV
