Transcription:Listings continue to increase across all housing categories in Metro Vancouver while homebuyer
activity remains below historic averages. Let's take a closer look at what happened in our market in January
realtors registered over 1,100 home sales on MLS last month that's a 39 percent decline from the same period last year and is 36 percent below the 10-year January sales average. This is also the lowest January sales
total we've seen in the region over the last ten years these conditions are largely the result of the mortgage stress tests that the federal government imposed at the beginning of last year. This measure coupled with an increase in mortgage rates took away as much as 25% of purchasing power for many home buyers
trying to enter the market. On the supply side more homes are being listed for sale than we've seen in recent years. Approximately 4800 homes were added to the MLS in January this is 28% more in
the same period last year all total. There are nearly 11,000 homes for sale in the region today the result of this increase is that buyers have more selection to choose from and more time to make decisions. In all markets supply and demand drive home prices we measure this by comparing the total inventory of homes for sale against the number of sales during the month we call this the sales to active listings ratio. Downward pressure on home prices can occur when the ratio dips below the 12 percent mark while home prices can
experience upward pressure when it surpasses 20 percent for sustained periods. This ratio for all property types across Metro Vancouver today is 10% which suggests a buyers working by property type we see detached homes and townhomes are in the buyers market territory, while condos continue to be balanced. Over the past seven months home prices have declined across all housing types. the MLS home price index benchmark price for all residential homes is just over 1 million dollars a 7% decrease since July of last year by housing types detached homes declined the most since January while condos and townhouses declinedmore modestly. Despite the low sales activity realtors are seeing more traffic at open houses compared to recent months buyers however are choosing to remain in a holding pattern for the time being. We'll watch the market over the next few months to see if conditions change in the spring buying season. To understand how these trends impact you be sure to consult your local realtor there for their housing market information go to the news andstatistics section of this website