A total of 3,125 homes were sold in January across Greater Vancouver, up 5.7 per cent compared with December 2014 and eight per cent year-over-year, according to Canadian Real Estate Association (CREA) data released Feb. 17.
In spite of growing sales in the region, however, the average residential sales price dipped in the month. The average home sold for $825,233 in January down 2.6 per cent compared with $847,661 in December.
Across British Columbia, a total of 7,240 homes were sold for an average sale price of $589,650, which is an increase of 0.3 per cent compared with the previous month. Unit sales in Greater Vancouver accounted for 63 per cent of the provincial total.
The average sale price for a home in Greater Vancouver was almost exactly double the Canadian average of $413,563, which represents a 0.2 per cent dip compared with December.
Canada-wide, 38,113 homes were sold, which is 3.1 per cent lower than the 39,317 homes sold in December and two per cent lower than a year ago.
“Canada’s housing market is cooling notably, largely because of the sudden deep chill in the previously hottest cities,” said BMO Financial Group chief economist Douglas Porter, pointing to a 23.9 per cent drop in unit sales in Calgary and a 9.8 per cent decrease in Edmonton for the month.
“We suspect that with borrowing costs still plumbing the depths and many provincial economies holding up, any housing correction will be a specific regional affair.”
All figures are seasonally adjusted and compiled from monthly data from select MLS systems across Canada, including the British Columbia Real Estate Association.
The data differs from statistics provided by Teranet, which uses “repeat sales methodology” statistics. This means that Teranet examines an aggregation of home value changes for homes that have been sold at least twice in a particular time frame.
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