REBGV President Phil Moore and President-Elect Ashley Smith provides a summary of the January 2019 housing market statistics.
January 2019 Market Insight

Home listings continue to increase across all housing categories in Metro Vancouver, while home buyer activity remains below historic averages.

In January 2019

  • 1103 home sales on the MLS (-39% decline from January 2018, and -36% below the 10-Year Average for January sales)
  • lowest January sales total in the Region in the last 10 years

These conditions are largely a result of the:
  • mortgage stress test the Federal Government impose the beginning of last year
  • this measure, couple with the increase in mortgage rates took away as much as 25% of purchasing power for many home buyers trying to enter into the market
On the supply side:
  • more homes are being listed for sale than we've seen in recent years
  • 4848 new home listings were added to the MLS in January 2019 (+28% more than January 2018
  • Current Total listings = 10,808 
  • Buyers have more selection to choose from and more time to make decisions

Supply and Demand drive home prices, measured by comparing the total of inventory of homes for sale against the number of sales during the month, called Sales-to-Active Listings Ratio. 

Downward pressure on home prices can occur when the ratio dips below 12% mark, while homes prices can experience upward pressure when it surpasses 20% for sustained periods.

This ratio for all property types across Metro Vancouver today is 10%. which suggests a Buyers' Market.

By property type, we see Detached Homes (7%) and Townhomes (12%) in a Buyers' Market territory, while Condos (14%) continue to be balanced.

Over the past 7 months, home prices have declined across all housing types. 

The MLS Home Price Index Benchmark Price for all residential homes at $1,019,600 (a -7.2% decrease since July 2018). 

By housing types, the Detached Homes declined the most since January (-9.1% Year Over Year), while Townhomes (-.05%) and Condos (-1.7%) declined modestly.

Despite the low sales activity, Realtor are seeing more traffic at Open Houses compared to recent months. Buyers, however, are choosing to remain on a holding pattern for the time-being. 

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