Real Estate News: Vancouver January home sales slow due to dwindling supply

The Real Estate Board of Greater Vancouver says home sales in January slowed from a record pace last year as the number of available properties fell.

The B.C. board says home sales totaled 2,285 last month, down nearly 5% from 2,389 in January 2021 and down 15% from 2 688 in December 2021.

However, the council says sales last month were 25.3% above January’s 10-year average.

The council also saw 4,170 new listings last month, down nearly 7% from last January’s 4,480 homes, but more than double December 2021, when 1,945 homes were listed.

The benchmark price for all residential properties in the area hit more than $1.2 million last month, up 18.5% from last January and 2% from December.

Board economist Keith Stewart says market conditions remain tight due to a lack of supply and many people taking advantage of low interest rates.

“Our MLS listing inventory is less than half of what would be optimal to start the year. As a result, hopeful homebuyers have limited choice in the market today,” he said. he said in a statement.

“This trend is causing fierce competition for a limited number of homes for sale, which, in turn, is driving up prices.”

This report from The Canadian Press was first published on February 2, 2022.

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