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

Chilliwack drug dealers busted in Banff National Park by Alberta RCMP

Antonio Nolasco-Padia, 23, and Dina Anthony, 55, both well-known to local law enforcement

Chilliwack is marking BC Rivers Day with annual cleanup

Chiliwack Vedder River Cleanup Society is hosting the rain-or-shine river cleanup on Sept. 22

Chilliwack-Hope incumbent Conservative sums up Andrew Scheer’s election promises so far

Strahl says his party’s tax credit promises designed to put more money in the pockets of Canadians

Rainbow crosswalk plan gets council support in Hope

Council writing letter of support to community group for crosswalk project

‘I shouldn’t have done it,’ Trudeau says of brownface photo

Trudeau says he also wore makeup while performing a version of a Harry Belafonte song

35 of 87 dogs in 2018 Williams Lake seizure were euthanized due to behavioural issues, BCSPCA confirm

The dogs did not respond to the behaviour modification and remained terrified of humans

‘We still did not get answers’: Vancouver parents demand expulsion after students’ racist video

‘We were unable to get confirmation from the VSB, but he hasn’t returned as of yet,’ says Marie Tate

B.C. ‘tent city’ disputes spark call for local government autonomy

UBCM backs Maple Ridge after province overrules city

‘What goes up will come down’: Gas prices spike in Metro Vancouver

Petroleum analyst Dan McTeague says prices will fall Thursday

B.C. MLA calls on province to restrict vaping as first related illness appears in Canada

Todd Stone, Liberal MLA for Kamloops-South Thompson, introduced an anti-vaping bill in April

Chilliwack woman wins right to medically assisted death after three-year court battle

Julia Lamb has been the lead plaintiff in a legal battle to ease restrictions on Canada’s assisted dying laws

Most Read