Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.
Home sales totaled 1,022 that is a 55% decrease compared to January 2022 and a 21% decrease compared to December 2022.
Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history. Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market.
If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty