{"id":944,"date":"2016-02-16T15:15:47","date_gmt":"2016-02-16T23:15:47","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=944"},"modified":"2016-02-16T10:38:24","modified_gmt":"2016-02-16T18:38:24","slug":"crea-value-of-vancouver-home-sales-jumps-73-in-january","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-value-of-vancouver-home-sales-jumps-73-in-january\/","title":{"rendered":"CREA : Value of Vancouver Home Sales Jumps 73% in January"},"content":{"rendered":"<p style=\"text-align: justify;\">Like a runaway freight train, the residential real estate market in Greater Vancouver\u2014the strongest in the country\u2014continues to accelerate and shows no signs of stopping, according to Canadian Real Estate Association data released February 16.<\/p>\n<p style=\"text-align: justify;\">In January, the region saw a total of $2.8 billion in home sales, which is up 73% compared with $1.6 billion in January 2015. As well, the average sales price jumped 31% to $1.08 million from $828,000 last year.<\/p>\n<p style=\"text-align: justify;\">\u201cBenchmark price growth topped 20% year-over-year in the month for the first time since at least 2006, which detached homes still leading,\u201d said BMO Capital Markets\u2019 Robert Kavcic.<\/p>\n<p style=\"text-align: justify;\">\u201cThat said, condo prices continued to accelerate to a 15.9% year-over-year clip, and we continue to believe that, while supply fundamentals might warrant strong gains in the detached segment, such constraints aren\u2019t nearly as acute in the condo space.\u201d<\/p>\n<p style=\"text-align: justify;\">The number of units sold in Greater Vancouver was 2,574, which is up 32% compared with 1,948 units in the same month last year.<\/p>\n<p style=\"text-align: justify;\">\u201cVancouver\u2019s market is drum tight, with an almost unheard of 91% sales-to-new listings ratio\u2014in other words, almost every new listing is getting absorbed within the month as record sales meet average growth in new listings,\u201d Kavcic said.<\/p>\n<p style=\"text-align: justify;\">Some of the real estate growth in January may have been related to homebuyers pushing their purchasing decisions forward to beat the new tighter mortgage rules that took effect February 15, CREA president Pauline Aunger pointed out.<\/p>\n<p style=\"text-align: justify;\">Aunger also said sales in Toronto and Vancouver would likely have been even higher if the supply existed.<\/p>\n<p style=\"text-align: justify;\">\u201cMeanwhile, other major urban housing markets have an ample supply of listings, particularly where some home buyers have become increasingly cautious amid an uncertain job market outlook,\u201d she said.<\/p>\n<p style=\"text-align: justify;\">Across Canada, the benchmark price increased 17% to $470,000, but this was entirely due to increases in B.C. and Ontario. Excluding these provinces, the benchmark home price actually fell 0.3%. The biggest price drop was in Edmonton, where the benchmark price fell 8% to $339,000.<\/p>\n<p style=\"text-align: justify;\">All data, unless otherwise indicated, is not seasonally adjusted. The CREA compiles its figures from select MLS systems across Canada, including the British Columbia Real Estate Association.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/2\/value-vancouver-home-sales-jumps-73-january-crea\/\" target=\"_blank\">CREA : Value of Vancouver Home Sales Jumps 73% in January<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Like a runaway freight train, the residential real estate market in Greater Vancouver\u2014the strongest in the country\u2014continues to accelerate and shows no signs of stopping, according to Canadian Real Estate &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-value-of-vancouver-home-sales-jumps-73-in-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-944","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>CREA : Value of Vancouver Home Sales Jumps 73% in January &#8226; 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