The number of homes that changed hands in the Vancouver area rose again last month, but the city's real estate board says new listings outpaced demand as sellers showed they're eager to enter the market.
Greater Vancouver home sales totalled 1,552 in January, up 8.8 per cent on a year-over-year basis, but still 11.3 per cent below the 10-year seasonal average for the month.
There were 5,566 newly listed properties, a 46.9 per cent increase from January 2024.
“In the three months preceding January, we’ve watched buyer demand gain momentum, but it appears that momentum is now shifting toward sellers to start the New Year,” said Andrew Lis, director of economics and data analytics for Greater Vancouver Realtors, in a press release.
“Even with this increase in new listing activity, sales continue to outpace last years’ figures, signalling some buyer appetite remains after the upswing that finished off 2024.”
The board said there are currently 11,494 homes listed for sale in the region, a 33.1 per cent increase compared with January 2024 and around one-third above the 10-year seasonal average.
Lis said the momentum shift in market dynamics has helped preserve balance and limit price fluctuations.
The composite benchmark price in January was $1,173,000, up 0.5 per cent from a year earlier and 0.1 per cent above December's level.
Lis said the board is forecasting moderate price growth by the end of the year, but cautioned that potential U.S. tariffs on Canadian goods or other economic shocks could alter those estimates.
"Going forward, whether these tariffs actually come into force, the duration they remain in place, and the degree to which Canada retaliates will determine the impact to the housing market in our region in the months ahead, if any," he said.
The U.S. was set to impose 25 per cent tariffs on Canadian imports starting Tuesday, before President Donald Trump announced an 11th hour pause for 30 days after two phone calls with Prime Minister Justin Trudeau.
Sales increases in the Vancouver region last month were led by the apartment home category, which were up 13.4 per cent year-over-year, followed by attached home sales which were up 12.6 per cent.
Sales of detached homes in January ticked up 0.3 per cent from 2024.
This report by The Canadian Press was first published Feb. 4, 2025.
Sammy Hudes, The Canadian Press
