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Vancouver home sales up 73% year-over-year, market shifts in favour of sellers: REBGV | iNFOnews
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Vancouver home sales up 73% year-over-year, market shifts in favour of sellers: REBGV
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Vancouver home sales up 73% year-over-year, market shifts in favour of sellers: REBGV
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Good morning!
After a period of calm, The Metro Vancouver region is revving up again.
Residential home sales in the Greater Vancouver area rose 52.1 per cent to 2,389 in January, compared to the same period last year, according to The Real Estate Board of Greater Vancouver (REBGV).
Last monthâs sales were 36.4 per cent above the 10-year January sales average.
More crucially, the sales-to-active listing ratio stood at 28.8 per cent â a level above 20 per cent suggests prices are expected to climb higher. Last January that figure stood at 18.2 per cent.
âShifting housing needs during the pandemic and historically low interest rates have been key drivers of demand in our market over the last six months,â Colette Gerber, REBGV Chair, said in a statement. âPeople 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.â