From rebgv.ca
Townhomes and condos are in demand across Metro Vancouver the same cannot be said for our detached home market. Let's take a closer look at the January trends realtors registered more than 1,800 sales on the MLS in January this is 19 percent above last January's total and 7 percent above our ten-year average for the month. By property type you can see that most of this activity was concentrated in the attached home markets on the supply side there were nearly thirty eight hundred homes newly listed for sale in the region last month this pushed the total number of listings to about 7,000. When we look at the home listings by property type we see there are twice as many detached homes for sale today then townhomes and condos combined. To better understand the relationship between supply and demand in today's housing market we look to the sales to active listing ratio this ratio across Metro Vancouver today is 26% downward pressure on home prices can occur when the ratio dips below the 12% mark for a sustained period while home prices can experience upward pressure when it surpasses 20% over several months. When we view this ratio by property type we see that detached homes are beginning to enter buyers market territory while condos and townhomes remain in clear seller's markets. Together these numbers confirm that demand remains elevated and listings scarce in the townhome and condo markets while detached homebuyers are facing less competition and have more selection to choose from. For the detached home sellers to be successful it's important to set prices that reflect today's market trends. The benchmark price of a detached home in Metro Vancouver has seen slight decreases in each of the last four months resulting in a point five percent overall decline since October. Townhome and condo prices have been trending in the opposite direction increasing 0.2 percent and 3.6 percent since October and 17 percent and 27 percent over the last 12 months. To best understand what these changing market dynamics mean for you it's important to work with your local realtor. For further housing and market information go to the news and statistics section of this website for the Real Estate Board of Greater Vancouver
I'm Jill O'Dell