Vancouver Home Sales Fell Nearly 40% In January, Hitting Lowest Level In 10 Years

The number of home sales in Vancouver during January fell to their lowest level in 10 years.

The Real Estate Board of Greater Vancouver says 1,103 homes were sold in Metro Vancouver last month, down 39.3% from the same month a year earlier. Month-over-month, January home sales were up 2.9% compared to December 2018.

The Real Estate Board said last month's home sales were 36.3% below the 10-year sales average for January, and the lowest January sales figure recorded since 2009. The composite benchmark price for a property, which includes detached properties, townhomes and condominiums, dropped 4.5% from a year ago to $1,019,600.

Sales of detached homes fell 30.4% year-over-year, while the benchmark price pulled back 9.1% from January 2018 to $1,453,400. The benchmark price of an attached home last month dipped 0.3% year-over-year to $800,600, while the benchmark price of a condominium fell 1.7% to $658,600.

The board says home prices across all property types have fallen in Vancouver in the past seven months, pressured by the federal government's mortgage stress test that tightened homebuying rules.