Vancouver home sales fall nearly 40% in January as prices pull back

Month-over-month, home sales were up 2.9% versus December 2018.

Vancouver’s once red-hot housing market continued to cool last month as the number of home sales fell to the lowest level seen in January in 10 years.

The Real Estate Board of Greater Vancouver says 1,103 homes were sold in Metro Vancouver last month, down 39.3 per cent from the same month a year earlier.

READ MORE: B.C.’s skyrocketing real estate market will ‘correct’ in 2019

Month-over-month, January home sales were up 2.9 per cent versus December 2018.

The board says last month’s home sales were 36.3 per cent below the 10-year sales average for January, and the lowest January sales figure recorded since 2009.

The composite benchmark price for a property, which includes detached properties, townhomes and condominiums, dropped 4.5 per cent from a year ago to $1,019,600.

Sales of detached homes fell 30.4 per cent year over year, while the benchmark price pulled back 9.1 per cent from January 2018 to $1,453,400.

The benchmark price of an attached home last month dipped 0.3 per cent year-over-year to $800,600, while the benchmark price of a condominium fell 1.7 per cent to $658,600.

The board says home prices across all property types have fallen over the region in the past seven months, pressured by the federal government’s mortgage stress test that tightened homebuying rules last year.

“This measure, coupled with an increase in mortgage rates, took away as much as 25 per cent of purchasing power from many home buyers trying to enter the market,” said the board’s president, Phil Moore, in a statement.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

New Chilliwack cycling organization focuses on seniors

Volunteer ‘pilots’ carry those with mobility issues on trishaws

Judge questions joint submission for Chilliwack man who sexually assaulted girl

Crown, defence ordered to find case law to back up one-year sentencing for Andrew Mullaly

Flood mitigation money coming to protect Chilliwack-area communities

It’s $45M in infrastructure funding to build 6km of dikes, a flood gate, and pump station

CSOPA’s six spring productions in Chilliwack include play about boy with autism

Mix of musicals, comedy, mystery and more for Chilliwack School of Performing Arts’ May shows

Chilliwack’s hospital morgue needs an expansion

Fraser Health plans to more than double the space for ‘decedents’; upgrade antiquated elevators

VIDEO: ‘Alarm bells’ raised by footage allegedly from B.C. pig farm, SPCA says

PETA released video Wednesday showing dead and injured piglets next to nursing piglets

Female real estate agents warned of suspicious man in Metro Vancouver

The man requests to see homes alone with the female agent, police say

COLUMN: Keep your camping coordinates a secret this season

‘There are simply too many people in the back country,’ says Progress reporter

Can you put your phone down for Mother’s Day?

#DiningMode campaign encourages people to leave the phone alone while eating

Horgan heckled as gas prices sit at record high, could go up more

Premier John Horgan blames refiners, not taxes

SPCA investigating after newborn kittens found in Vancouver dumpster

The kittens were found suffering from hypothermia and dehydration

‘B.C. cannot wait for action’: Top doctor urges province to decriminalize illicit drugs

Dr. Bonnie Henry says current approach in ‘war on drugs’ has criminalized and stigmatized drug users

VIDEO: Surrey stabbing leaves man with ‘potentially life altering injuries’

Police believe an altercation between two people led to the incident, in the 13700-block of 97A Ave.

VIDEO: Surrey RCMP investigating after ‘sudden death’ of man found with critical injuries

Police say a man is dead after being found laying on the ground in the 13300-block of 114th Avenue

Most Read