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Home sales in Metro Vancouver below average to start 2017: Real Estate Board

VANCOUVER – Real estate experts in Metro Vancouver say home sales across the region have been sluggish to start 2017.

The Greater Vancouver Real Estate Board has released sales figures for January showing home sales and listings trends are below long-term averages, mainly because of reduced activity in the detached home market.

The board says the number of properties that changed hands was 10.3 per cent below the 10-year sales average for the month.

It says residential sales in Metro Vancouver totalled 1,523 last month, a 39.5-per-cent plunge from January 2016 and an 11-per cent decrease since December when 1,714 homes were sold.

Real Estate Board of Greater Vancouver president Dan Morrison says townhome and condominium markets are more active than the market for detached homes.

Morrison says that's resulted in a nearly seven-per-cent dip in the average price of a single-family home.

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Marshall Jones

News is best when it's local, relevant, timely and interesting. That's our focus every day.

We are on the ground in Penticton, Vernon, Kelowna and Kamloops to bring you the stories that matter most.

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