Market Update for Metro & Greater Vancouver
“Low supply keeps upward pressure on home prices across Metro Vancouver’s housing market,” says REBGV.
Home sales came down in January 2022 from last year’s record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4 per cent decrease from the 2,389 sales recorded in January 2021, and a 15 per cent decrease from the 2,688 homes sold in December 2021.
“Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,” Keith Stewart, REBGV economist said.
Market Update for Greater Vancouver
To view the year-to-date and historic statistics for Metro Vancouver (which includes: Downtown, Westside, Eastside, North Vancouver, West Vancouver, Richmond, Tsawwassen, and Ladner) CLICK HERE.
Market Update for Greater Vancouver
To view the year-to-date and historic statistics for Greater Vancouver (which includes: Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows, and Maple Ridge) CLICK HERE.
Market Update for Fraser Valley
“Glimmer of hope for Fraser Valley home buyers as new listings surge in January,” says FVREB.
2021 was the busiest year in history for Fraser Valley real estate, and January activity saw the beginnings of a market rebalancing. Overall property sales—which are still the third highest ever for January—cooled compared to December, while the volume of new listings improved significantly.
The Fraser Valley Real Estate Board processed a total of 1,310 sales of all property types on its Multiple Listing Service® (MLS®) in January 2022, a decrease of 23.7 per cent compared to January 2021, and 27.5 per cent lower compared to December 2021.
“In January, REALTORS® saw the return of home sellers,” said Larry Anderson, President of the Board. “Yes, sales in our region remain elevated, but a positive, early trend for 2022 is we experienced a significant increase in requests from sellers to list.
“It’s early days yet, but if this trend continues into spring, we could see an easing of the supply-demand dynamic in our region. We have a long way to go to replenish our housing stock and bring much-needed balance to the market, but this is a step in the right direction.”
To view the year-to-date and historic statistics for Fraser Valley (which includes: Surrey, South Surrey, White Rock, North Delta, Cloverdale, Langley, Abbotsford, and Mission) CLICK HERE.
Curious how the market is doing in your city? Whether you're looking to buy, sell, or invest in Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Surrey, Langley, or Abbotsford, these Lower Mainland market update statistics will give you insight into the Vancouver and Fraser Valley real estate markets.
If you'd like more details about your specific market, please send us an email, we'd love to chat more. You can also fill out the Home Evaluation form here.
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