{"id":843,"date":"2016-02-03T09:37:18","date_gmt":"2016-02-03T17:37:18","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=843"},"modified":"2016-02-03T09:37:38","modified_gmt":"2016-02-03T17:37:38","slug":"tight-metro-vancouver-markets-push-average-house-price-to-new-record-1-83-million","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/02\/tight-metro-vancouver-markets-push-average-house-price-to-new-record-1-83-million\/","title":{"rendered":"Tight Metro Vancouver Markets Push Average House Price to New Record $1.83 Million"},"content":{"rendered":"

METRO VANCOUVER – Home sales in January eased off December\u2019s torrid pace around Metro Vancouver, but remain in high gear with buyers piling into markets marked by a shrinking inventory. That has kept pressure on prices to reach sharply higher, the latest report from the Real Estate Board of Greater Vancouver shows.<\/p>\n

The average price for detached homes across the region hit a new record high of $1.83 million in January, a full 40% higher than January 2015.<\/p>\n

The board recorded 2,519 sales through the multiple listing service in January, down 11% from December\u2019s 2,827 sales, but still 32% higher than the level of sales in January a year ago.<\/p>\n

However, inventory, also shrank, with new listings down 6.2% at 4,442 in January compared with a year ago and a total inventory of 6,635 homes for sale, down 38%, which really kept pressure on pricing.<\/p>\n

\u201cHome buyer demand is at near record heights and home seller supply is as low as we\u2019ve seen it in many years,\u201d said Darcy McLeod, president of the Real Estate Board of Vancouver in a news release.<\/p>\n

The board\u2019s benchmark measures strip out luxury sales to track prices of homes more typically sold and in January, the benchmark for detached homes was up 28% to $1.29 million in January on sales of 1,047 homes.<\/p>\n

Condo sales were slightly hotter at 1,096 units, a 35% increase from a year ago, but the benchmark price was up less so, 19%, to hit $466,600.<\/p>\n

Townhome sales were up 16% in January compared with a year ago, but that only represented 376 units. The results did push the benchmark price on townhomes up, also by 16%, to $563,700.<\/p>\n

Tight Metro Vancouver Markets Push Average House Price to New Record $1.83 Million<\/a> by Derrick Penner | Vancouver Sun<\/p>\n","protected":false},"excerpt":{"rendered":"

METRO VANCOUVER – Home sales in January eased off December\u2019s torrid pace around Metro Vancouver, but remain in high gear with buyers piling into markets marked by a shrinking inventory. … [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-843","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nTight Metro Vancouver Markets Push Average House Price to New Record $1.83 Million • 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\/2016\/02\/tight-metro-vancouver-markets-push-average-house-price-to-new-record-1-83-million\/\" \/>\n<meta name=\"twitter:card\" 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