{"id":19351,"date":"2022-02-03T10:10:00","date_gmt":"2022-02-03T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19351"},"modified":"2022-02-02T11:37:52","modified_gmt":"2022-02-02T19:37:52","slug":"low-supply-continued-to-cause-home-prices-to-edge-higher-across-metro-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/02\/low-supply-continued-to-cause-home-prices-to-edge-higher-across-metro-vancouver\/","title":{"rendered":"Low Supply Continued to Cause Home Prices to Edge Higher Across Metro Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">The first month of 2022 saw home sales come down from last year\u2019s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4% decrease from the 2,389 sales recorded in January 2021, and a 15%t decrease from the 2,688 homes sold in December 2021.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 25.3% above the 10-year January sales average.<\/p>\n<p style=\"text-align: justify;\">There were 4,170 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in January 2022. This represents a 6.9% decrease compared to the 4,480 homes listed in January 2021 and a 114.4% increase compared to December 2021 when 1,945 homes were listed.<\/p>\n<p style=\"text-align: justify;\">\u201cOur listing inventory on MLS\u00ae is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,\u201d Keith Stewart, REBGV economist said.<\/p>\n<p style=\"text-align: justify;\">The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 5,663, a 31.8% decrease compared to January 2021 (8,306) and an 8.2% increase compared to December 2021 (5,236).<\/p>\n<p style=\"text-align: justify;\">\u201cAs we approach spring, we\u2019ll keep a close eye on the impact of rising interest rates on buyers\u2019 willingness to buy and on whether more home owners will opt to become sellers in what\u2019s traditionally the busiest season of the year,\u201d Stewart said. \u201cWith home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.\u201d<\/p>\n<p style=\"text-align: justify;\">For all property types, the sales-to-active listings ratio for January 2022 is 40.3%. By property type, the ratio is 28% for detached homes, 51.6% for townhomes, and 49.7% for apartments.<\/p>\n<p style=\"text-align: justify;\">Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,255,200. This represents a 18.5% increase over January 2021 and a 2% increase compared to December 2021.<\/p>\n<p style=\"text-align: justify;\">Sales of detached homes in January 2022 reached 622, a 15.9% decrease from the 740 detached sales recorded in January 2021. The benchmark price for a detached home is $1,953,000. This represents a 22.7% increase from January 2021 and a 2.2% increase compared to December 2021.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment homes reached 1,315 in January 2022, a 10% increase compared to the 1,195 sales in January 2021. The benchmark price of an apartment property is $775,700. This represents a 14% increase from January 2021 and a 1.8% increase compared to December 2021.<\/p>\n<p style=\"text-align: justify;\">Attached home sales in January 2022 totalled 348, a 23.3% decrease compared to the 454 sales in January 2021. The benchmark price of an attached home is $1,029,500. This represents a 24.3% increase from January 2021 and a 2.5% increase compared to December 2021.<\/p>\n<p><a href=\"http:\/\/members.rebgv.org\/news\/REBGV-Stats-Pkg-January-2022.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the January 2022 stats package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.rebgv.org\/market-watch\/monthly-market-report\/january-2022.html\" target=\"_blank\" rel=\"noopener\">Low Supply Keeps Upward Pressure on Home Prices Across Metro Vancouver&#8217;s Housing Market<\/a> by REBGV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first month of 2022 saw home sales come down from last year\u2019s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver. The &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/02\/low-supply-continued-to-cause-home-prices-to-edge-higher-across-metro-vancouver\/\">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-19351","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>Low Supply Continued to Cause Home Prices to Edge Higher Across Metro Vancouver &#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\/2022\/02\/low-supply-continued-to-cause-home-prices-to-edge-higher-across-metro-vancouver\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Low Supply Continued to Cause Home Prices to Edge Higher Across Metro Vancouver &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The first month of 2022 saw home sales come down from last year\u2019s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver. 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