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.