High demand and higher prices for Vancouver real estate in January, says REBGV

Homes sales in much of Metro Vancouver in January increased by 52.1 per cent compared with sales from the same time last year.

Colette Gerber, chair of the Real Estate Board of Greater Vancouver, says home sales activity in January outpaced supply, putting upward pressure on prices.

The board reports 2,389 home sales in the region last month, which was a 22.8 per cent decrease from the red-hot housing market in December.

The composite benchmark price for all homes in Metro Vancouver is $1,056,600, a five per cent increase over last January and a 0.9 per cent boost from December.

The board says sales of apartments had a similar increase year-to-year at 46.8 per cent, with a benchmark price of over $680,000.

Gerber says shifting housing needs during the pandemic and historically low interest rates have been key reasons for sales over the last six months.

"People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs."