According to the Real Estate Board of Greater Vancouver, demand is high for condominiums and townhomes across the region, a sharp comparison to detached homes. January listings were comprised of 3,796 detached, attached, and apartment properties, representing an 8.3% decrease compared to the 4,140 homes listed a year prior. The board noted that 1,818 homes sold in January, an increase of 19.4% from a year earlier but a decrease of 9.8% over the previous month.

Townhomes and condominium sales, however, were 14.3 and 31.6% above the 10-year average for January, while detached homes fell 24.8% below the 10-year average. The composite benchmark price for all types of properties in the area was over $1.05 million in January, an increase of 16.6% from the previous year.

According to the board, recent trends show that a key aspect of last year’s housing market was a marked decline in available listings. Board president Jill Oudil stated that 54,655 properties were listed for sale in 2017, a 5.1% drop from a year earlier.

“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” said Oudil in a statement. “Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets. Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

In an interview, Oudil discussed recent trends. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years, while the home listings total was the second lowest on record for the same period,” said Oudil, who noted that only time will tell how the market will react going forward, especially considering significant regulatory changes.

Meanwhile, she urged home buyers to obtain pre-approval prior to making any offer. “Realtors are working with their clients to help them understand how changing interest rates and the federal government’s new mortgage qualifications could affect their purchasing power.”

Apartment sales reached 1,012 in January, with a benchmark price of $665,400. Attached home sales totaled 319. The benchmark price of these was $803,700. Detached home sales reached 487 with a benchmark price of $1,601,500.

Metro Vancouver Condos & Townhomes in High Demand by Condo.ca