January 2020 Housing Market Update

By: Cheryl Davie

January 2020 Housing Market Update

Tags: Homes in Vancouver, Vancouver Housing, Real Estate, January

Increased Demand & Dwindling Supply Fuelled The Pace of the Market Last Month
 

A lot can change in a year. When the Vancouver Real Estate Board released market update for January 2019, the headline read “Home listings increase while buyers remain in holding pattern.” Exactly 12 months later, we find ourselves experiencing quite the opposite. Buyer activity is steady with no signs of stopping, as the first month of 2020 comes to a close.

Total residential home sales were recorded at
1,571 - a 42.4% year-over-year increase, while 20% less homes were listed than in January 2019.


With last month’s new listings 17.4 % below January’s 10-year average,
industry professionals will be keeping a close eye to see what the spring market will bring. 
Despite new listings being low by January standards, the amount of product coming to market is still up 143% compared to the previous month of December.

 
Sales Activity Continues To Exceed Last Year's Numbers, Sale Prices Still Slow To Creep Up

Detached home sales are up by 29.5%, condos up by 45.6% and townhomes up by 55%. However, these stats are likely slightly inflated. Though sales for January 2020 were just 7.3% below the 10-year average, sales in January 2019 were beneath it by a whooping 36.3%. Compared to the last few years, it seems that overall sales are returning to more typical levels. 

Even with consistent sales activity documented over many months, average sale prices across property types are still 0.7-1.7% lower than they were a year ago. But if more homes don't come to market to meet demand, it will be interesting to see whether prices can remain as stable as they have. 

 

What Does Limited Supply, Along With Increased Activity
Mean For Buyers & Sellers?

Buyer activity is strong and supply is short, but spring is just around the corner. Though it’s typical for buyers to be out in full force during that season, sellers tend to do the same. If you're ready to sell, there is far less competition on the market now than you might face if you opt to wait until the spring.

On January 22nd, the Bank of Canada opted to keep interest rates unchanged yet again, which is good news for buyers. Borrowing rates remaining low means it’s still a great time to purchase a home.

While sale prices aren’t sky rocketing, we are still seeing lots multiple offers scenarios due to limited product. Luckily for buyers, your realtor can map out a strategy for this type of scenario so you'll be prepared if you have to compete, and feel comfortable doing so. 

Have questions? Want to know what buying or selling could look like for you this year? We're here to help. Get in touch today!

 

RECENT SALES

 
 
3126 W 32nd Avenue, Vancouver, BC 

A fabulous flat south facing 50x130 lot on a quiet tree-lined street with comfortable updated family home and lots of storage. Located in prestigious Mackenzie Heights and close to great schools such as Lord Kitchener, Prince of Wales, St. Georges and Crofton. Take an easy walk to Balaclava Park (with playground) and Mackenzie's market shops. The house has a main floor master bedroom with laundry, 2 bedrooms upstairs and the basement has a large 2 bedroom nanny or mortgage helper suite. Renovated in 2002 with high efficiency furnace, restored original hardwood, granite counters, 2 Valor gas fireplaces, wood shutters, a brand new hot water tank, bright sunny backyard with large deck and single detached garage with carport and more!
 
#301 - 175 E 4th Street, North Vancouver, BC

This original 1 bedroom, 1 bathroom, top floor south facing condo in Lower Lonsdale has views to the city, the harbour and out to Mount Baker. Includes a spacious balcony to enjoy the views, sunshine and the exquisite neighbourhood. Lower Lonsdale is the trendiest up and coming neighbourhood in the city. Within walking distance to the sea bus and The Ship Yards District which includes the new Joey's, Nook, Tap & Barrel, Boutique Seaside Hotel, and Lonsdale Quay. 
 
 

UNDER CONTRACT

 
#617 - 138 East Hastings Street, Vancouver, BC

New, affordable, top floor, south facing one bedroom unit with parking & storage. Features include 9 ft ceilings, European style cabinetry, & laminate flooring. As well, in this building is a community garden, courtyard with harvest table, & bike storage. Walking distance to Gastown, Chinatown, & Tinseltown. Rentals & Pets Allowed.
 

ACTIVE LISTINGS

 
#201 - 211 12th Street, New Westminster, BC

Welcome to Discover Reach, a well maintained and sought after building in vibrant New West. This convenient and central location is close to the skytrain, shops at the Quay, the boardwalk and fabulous restaurants on Columbia street. This corner unit features 2 bedrooms with a split layout designed for privacy and walkout from the master to the large, covered, west facing patio. Full updated kitchen (2018) complete with SS appliances and stone counters, the living space is open concept with bay window design and a cozy gas fireplace. Completed in 1998, this building includes a clubhouse/party room, bike room, storage and secure parking. It is well maintained with roof and balcony upgrades in 2013 and close to Lord Kelvin Elementary School.
 
https://www.youtube.com/watch?v=n5qMCBZFChM
 

VLOG: PORTLAND

 
https://www.youtube.com/watch?v=n5qMCBZFChM