{"id":8185,"date":"2018-02-05T10:10:51","date_gmt":"2018-02-05T18:10:51","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8185"},"modified":"2018-02-04T12:04:13","modified_gmt":"2018-02-04T20:04:13","slug":"demand-for-vancouver-condos-attached-homes-dominated-january","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/demand-for-vancouver-condos-attached-homes-dominated-january\/","title":{"rendered":"Demand for Vancouver Condos &#038; Attached Homes Dominated January"},"content":{"rendered":"<p style=\"text-align: justify;\">Metro Vancouver condo and attached homes continued to dominate demand in the region last month.<\/p>\n<p style=\"text-align: justify;\">Thanks to the strong interest in the typically more affordable housing types, overall residential sales in the region were 7% above the 10-year January sales average, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV), published Friday.<\/p>\n<p style=\"text-align: justify;\">\u201cDemand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,\u201d says Jill Oudil, REBGV president, in a press release.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers in the detached market are facing less competition and have much more selection to choose,\u201d she adds.<\/p>\n<p style=\"text-align: justify;\">By property type, condo sales were up roughly 32% from the 10-year January average, attached sales increased 14% and detached sales were down nearly 25%.<\/p>\n<p style=\"text-align: justify;\">As the region struggles with limited supply, the amount of newly listed detached, attached and apartment properties declined 8 per cent year-over-year, with a total of 3,796 units. However, newly listed homes saw a 100 per cent increase compared to December 2017 when 1,891 homes were listed.<\/p>\n<p style=\"text-align: justify;\">Here are 11 more facts that prove the fierce demand for Metro Vancouver condos and attached homes continued in January.<\/p>\n<p style=\"text-align: justify;\">1. A total of 1,818 homes changed hands in the region, a 19% increase from 1,523 sales seen in January 2017, and a roughly 10% drop compared to the 2,016 homes sold in December 2017.<\/p>\n<p style=\"text-align: justify;\">2. The total amount of properties listed for sale in the region was 6,947, down 4% compared to 7,238 homes a year ago.<\/p>\n<p style=\"text-align: justify;\">3. Demand for certain property types soared and supply was limited, resulting in upward pressure on prices. The benchmark price for all residential homes in Metro Vancouver was $1,056,500 last month, up roughly 17% from January 2017 and a 0.6% increase compared to December 2017.<\/p>\n<p style=\"text-align: justify;\">4. Metro Vancouver remains a sellers\u2019 market with a sales-to-active listings ratio of 26%. According to REBGV, downward pressure on home prices occurs when the ratio falls below the 12% mark for a prolonged period, while home prices often experience upward pressure when the ratio exceeds 20% over several months.<\/p>\n<p style=\"text-align: justify;\">5. By property type, the sales-to-active listings ratio was roughly 12% for detached homes, 33% for townhomes and 57 per cent for condos.<\/p>\n<p style=\"text-align: justify;\">6. In the detached segment, a total of 487 homes sold in the region, a roughly 10% uptick from the 444 detached sales seen in January 2017.<\/p>\n<p style=\"text-align: justify;\">7. The benchmark price of a detached home was $1,601,500, an 8% increase from a year ago and a 0.3% decline from December 2017.<\/p>\n<p style=\"text-align: justify;\">8. A total of 1,012 condos sold in the region last month. This represents a nearly 23% climb compared to the 825 sales recorded a year ago.<\/p>\n<p style=\"text-align: justify;\">9. Condos saw the largest annual gain in price growth among all property types in January, with a 27% year-over-year increase to an average of $665,400.<\/p>\n<p style=\"text-align: justify;\">10. In the attached segment, home sales totalled 319, up roughly 26% compared to 254 units a year ago.<\/p>\n<p style=\"text-align: justify;\">11. The benchmark price of an attached home was $803,700 last month, rising 17% from January 2017.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/02\/11-facts-demand-vancouver-condos-attached-january.html\" target=\"_blank\" rel=\"noopener\">These 11 Facts show How Demand for Vancouver Condos &amp; Attached Homes Dominated January<\/a> by Kerrisa Wilson | buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Vancouver condo and attached homes continued to dominate demand in the region last month. Thanks to the strong interest in the typically more affordable housing types, overall residential sales &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/demand-for-vancouver-condos-attached-homes-dominated-january\/\">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-8185","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>Demand for Vancouver Condos &amp; Attached Homes Dominated January &#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=\"http:\/\/www.roryc.ca\/blog\/2018\/02\/demand-for-vancouver-condos-attached-homes-dominated-january\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Demand for Vancouver Condos &amp; Attached Homes Dominated January &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver condo and attached homes continued to dominate demand in the region last month. 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