METRO VANCOUVER MARKET REPORT
JANUARY 2020

Sales steady, Inventory down

It’s the end of the first month of a new decade! We’ve heard many predictions and questions asked about the upcoming year; Well now that the data is in, let’s see if any questions have been answered.

“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average,” Ashley Smith, REBGV president said. “Looking at supply, we’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’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.” — Ashley Smith REBGV President

The following sales data and inventory data lend support to Ashley’s statement:

SALES: January’s sales were 7.3 per cent below the 10-year January sales average. Home sales in the region totalled 1,571 in January 2020, a 42.4 per cent increase from the 1,103 sales recorded last year, and a 22.1 per cent decrease from the 2,016 homes sold in December.

INVENTORY: Last month’s new listings were 17.4 per cent below January’s 10-year average. The total inventory of homes currently listed for sale on the MLS® for Metro Vancouver is 8,617, a 20.3 per cent decrease compared to January 2019 (10,808) and a 0.2 per cent increase compared to December 2019 (8,603). Total Inventory is 13.7 per cent below the 10-year January average.

Some property types are hotter than others.

As you can see from the infographic above, sales-activity ratios for different property types vary indicate a mixed market with different pricing pressures:

Detached homes are in a Buyer’s market and will continue to see some downward pressure on pricing. NOTE: Sales-active-ratio less than 12% indicates Buyer’s market.
– Townhomes and Condos are in Balanced markets recovering towards near typical levels at this time of year.

January sales showed location hotspots where confident buyers searched for value. We’ve listed these hotspots for each property type below.

Detached Homes – HOTSPOT Maple Ridge

It isn’t a surprise that Maple Ridge / Pitt Meadows is a hotspot for detached homes. With the benchmark prices in Maple Ridge/Pitt Meadows at $809,800, $877,600 respectively, buyers find larger lots, more privacy, more nature, and areas that allows families to grow.

MAPLE RIDGE
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Townhouses – HOTSPOT Richmond

Richmond saw an uptick in sales for townhomes. In this case, it is about value and proximity.

RICHMOND
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  • View recent sold prices
  • Average asking prices
  • How fast are homes selling?
  • Is it a buyers or sellers market?

Condos – HOTSPOTS Burnaby & Vancouver West

Condo starts in Metrotown, Lougheed, and Burquitlam areas are in the eyes of many buyers. The condo benchmark prices in Burnaby range from $606,000 to $714,500. But take note that Vancouver West was equally active in sales this January!

BURNABY
Get FREE Market Insight with SOLD Prices
  • View recent sold prices
  • Average asking prices
  • How fast are homes selling?
  • Is it a buyers or sellers market?

Metro Vancouver Market Report Infographic January 2020

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