Real Estate Statistics, January 2022
In January 2022, home sales across Metro Vancouver slowed from last year’s record-breaking pace, while limited supply continued to push prices upward.
According to the Real Estate Board of Greater Vancouver (REBGV), there were 2,285 residential home sales in January 2022, down 4.4 percent from the 2,389 sales in January 2021, and a 15 percent drop from the 2,688 homes sold in December 2021.
Despite the slowdown, last month’s sales were still 25.3 percent higher than the 10-year January sales average.
A total of 4,170 detached, attached, and apartment properties were newly listed on the Multiple Listing Service® (MLS®) in January 2022, a 6.9 percent decrease from the 4,480 listings in January 2021, but a significant 114.4 percent increase from December 2021 when only 1,945 homes were listed.
“Our MLS® listing inventory is less than half of what’s ideal for this time of year. This is leaving hopeful buyers with fewer options, creating fierce competition and driving prices higher,” said Keith Stewart, REBGV economist.
Currently, there are 5,663 homes listed for sale on the MLS® in Metro Vancouver, down 31.8 percent from January 2021’s 8,306 listings, but up 8.2 percent from December 2021’s 5,236 listings.
“As we head into spring, we’ll be closely watching the impact of rising interest rates on buyer demand, and whether more homeowners decide to sell during this typically busy season,” Stewart added. “With home prices reaching new peaks, it’s crucial for the government and builders to work together to increase housing supply and offer more options for buyers.”
For January 2022, the sales-to-active listings ratio was 40.3 percent across all property types: 28 percent for detached homes, 51.6 percent for townhomes, and 49.7 percent for apartments.
Experts suggest downward pressure on prices occurs when this ratio remains below 12 percent for a sustained period, while upward pressure happens when it exceeds 20 percent for several months.
The MLS® Home Price Index benchmark price for all residential properties in Metro Vancouver is now $1,255,200, up 18.5 percent from January 2021 and 2 percent from December 2021.
Detached home sales totaled 622 in January 2022, a 15.9 percent drop from the 740 sales in January 2021. The benchmark price for a detached home is $1,953,000, up 22.7 percent year-over-year and 2.2 percent month-over-month.
Apartment sales reached 1,315 in January 2022, marking a 10 percent increase from 1,195 in January 2021. The benchmark price for an apartment is $775,700, reflecting a 14 percent rise from January 2021 and a 1.8 percent increase from December 2021.
Sales of attached homes totaled 348 in January 2022, down 23.3 percent from the 454 sales in January 2021. The benchmark price for attached homes is $1,029,500, up 24.3 percent year-over-year and 2.5 percent compared to December 2021.
If you are considering selling please visit our ‘Selling your home‘ page. There you will find an option for an online evaluation tool, or feel free to reach out to us for a more personal assessment of your home.
