{"id":14875,"date":"2020-02-11T10:10:00","date_gmt":"2020-02-11T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14875"},"modified":"2020-02-06T10:09:55","modified_gmt":"2020-02-06T18:09:55","slug":"metro-vancouver-kicks-off-with-sizzling-home-sales-new-listings-shortage","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/02\/metro-vancouver-kicks-off-with-sizzling-home-sales-new-listings-shortage\/","title":{"rendered":"Metro Vancouver Kicks Off with Sizzling Home Sales &#038; New Listings Shortage"},"content":{"rendered":"<p style=\"text-align: justify;\">The residential market of Metro Vancouver started the new decade with a substantial jump in home sales; however, the current supply of dwellings up for grabs is becoming thin, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">Home sales in Metro Vancouver hit 1,571 in January. While this represents a 42.4% jump from the sales recorded in January 2019, the total number of sales dropped by 22.1% from December.<\/p>\n<p style=\"text-align: justify;\">REBGV figures shows annual growth across property types: detached homes at 29.5%, apartments at 45.6%, and attached homes at 55.1%.<\/p>\n<p style=\"text-align: justify;\">However, looking at the 10-year average for sales in January, the recent turnaround was 7.3% lower. Still, the spike in home sales indicates steady homebuyer demand close to the region&#8217;s long-term average, said Ashley Smith, president of REBGV.<\/p>\n<p style=\"text-align: justify;\">On the supply side, however, concerns are starting to show. During the month, there were 3,872 new listings in Metro Vancouver, representing an annual decrease of 20.1%. The volume of new listings was 17.4% below the 10-year average.<\/p>\n<p style=\"text-align: justify;\">Overall, the total number of homes listed in the region is 8,617, down by 20.3% from a year ago and 13.7% below the 10-year average.<\/p>\n<p style=\"text-align: justify;\">&#8220;Looking at supply, we&#8217;re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we&#8217;ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand,&#8221; Smith said.<\/p>\n<p style=\"text-align: justify;\">For all property types, the sales-to-active listings ratio for the month is 18.2%. Smith said prices usually increase when the ratio hits 20% over several months.<\/p>\n<p style=\"text-align: justify;\">Metro Vancouver recorded a 1.2% annual decrease in the overall benchmark price for residential properties in the month, down to $1.01m. The decline was consistent across property types :<br \/>\n<a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=14876\" rel=\"attachment wp-att-14876\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-14876\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/02\/REBGV-property-type-288x84.png\" alt=\"\" width=\"610\" height=\"178\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/02\/REBGV-property-type-288x84.png 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/02\/REBGV-property-type.png 438w\" sizes=\"auto, (max-width: 610px) 100vw, 610px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/supply-down-sales-up-in-metro-vancouver-325895.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Supply Down, Sales Up in Metro Vancouver<\/a> by Gerv Tacadena | Canadian Real Estate wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The residential market of Metro Vancouver started the new decade with a substantial jump in home sales; however, the current supply of dwellings up for grabs is becoming thin, according &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/02\/metro-vancouver-kicks-off-with-sizzling-home-sales-new-listings-shortage\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-14875","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Kicks Off with Sizzling Home Sales &amp; New Listings Shortage &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/02\/metro-vancouver-kicks-off-with-sizzling-home-sales-new-listings-shortage\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Kicks Off with Sizzling Home Sales &amp; New Listings Shortage &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The residential market of Metro Vancouver started the new decade with a substantial jump in home sales; however, the current supply of dwellings up for grabs is becoming thin, according &hellip; [read more]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/02\/REBGV-property-type.png\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/02\\\/metro-vancouver-kicks-off-with-sizzling-home-sales-new-listings-shortage\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/02\\\/metro-vancouver-kicks-off-with-sizzling-home-sales-new-listings-shortage\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Metro Vancouver Kicks Off with Sizzling Home Sales &#038; 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