January home sales slower but prices up over 2006
REAL ESTATE New listings in Greater Vancouver also rising
Vancouver Sun
Saturday, February 03, 2007
The Real Estate Board of Greater Vancouver reported Friday that home sales were slightly slower in January than in the same month last year, with just 1,806 units sold, a decrease of 6.1 per cent.
Prices, however, kept rolling up, with the benchmark price for detached homes up 9.9 per cent, to $644,316, over the year while townhouses and condominiums saw double-digit increases.
The benchmark price for a townhouse in the board's region was up 15.5 per cent, to $410,628, and condominium prices were up 15.3 per cent, to $332,000.
The benchmark price reflects the market price for a home typical of the area.
But an increase in the inventory of homes for sale offers hope for those struggling to catch up to the runaway prices of last year.
New listings for all categories of residential properties increased by 17.2 per cent to 4,067 units, compared to 3,471 in January 2006. The total number of active listings increased by 30.1 per cent to 9,312 units.
"We're currently seeing double-digit increases in both our new and carried-over listings inventory, a continuation of a trend started last September," REBGV president Rick Valouche said in a news release.
"This may be one of the factors currently relieving the pressure we saw on home prices throughout 2006, which are increasing at a slightly lower rate than they were a year ago at this time."
