Here's the minutes:
- home buyer activity remain at near record levels across Metro Vancouver
- there were 2,519 sales on the MLS in January (2016)...up 31.7% from last year
- January 2016 sales were 46% above the 10-year average
- ranks as the 2nd highest selling January month on record
- there were 4,442 new home listings added to the MLS in January (2016)...a 6.2% decrease from STLY
- in total, there are currently 6.635 listings on MLS in January (2016)...38% decrease from STLY...one of the lowest totals we've seen in many years
- benchmark price for all residential homes rose to $775,300 in January (2016)...up 20.6% from STLY...broken down by: +25.9% increase for detached homes; +15.9% for condos; +14.6% for townhomes.
- DEMAND divided by SUPPLY = SALES-TO-ACTIVE LISTINGS RATIO (2,519 sales in January divided by 6,635 total listings in January = 38% absorption)
- analyst say downward pressure on home prices occurs when the sales-to-active listing ratio dips below the 12% mark
- home prices experience upward pressure when sales-to-active listing ratio reaches 20%+ in a particular community for a sustained amount of time
HOME BUYER DEMAND (3 factors):
- Supply & Demand: +31.7% sales vs. -38% total listings = +20.6% MLS HPI Index (diminishing supply)
- Provincial Economy: BC's economy is out-performing the rest of Canada, strengthening consumer confidence (growing economy)
- Population Growth: Metro Vancouver continues to grow approx. 30,000 new people per year.
Thanks for reading and viewing.
Please call me if you have any questions.
Regards,
Phil (604-754-6678)
