Vancouver Starts 2014 With Higher Home Sales

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During the first month of January, home sales outpaced historical averages in Greater Vancouver's housing market. 

A total of 1,760 homes were sold in January, increasing 30 percent from the 1,351 homes sold in January 2013. Sales in January were 7.2 percent higher than the 10-year average for the month, according to The Real Estate Board of Greater Vancouver.

"The Greater Vancouver housing market has been in a balanced market for nearly a year," Sandra Wyant, REBGV president said in the report. "This has meant steady home sale and listing activity accompanied by stable home prices."

Although home sales increased on a yearly basis, compared to December 2013, home sales dropped 9.9 percent. 

The number of listings for all property types in Greater Vancouver reached 5,345 in January, increasing 4.2 percent from the previous year. In January, the total number of listings also passed historical averages, increasing 17.7 percent from the market's 10-year new listing average for the month. 

The benchmark price for all homes in Greater Vancouver is $606,800, increasing 3.2 percent from January 2013. 

More from the report:

• Sales of detached properties in January 2014 reached 728, an increase of 34.3 per cent from the 542 detached sales recorded in January 2013, and a 10.5 per cent increase from the 659 units sold in January 2012. The benchmark price for a detached property in Greater Vancouver increased 3.2 per cent from January 2013 to $929,700.

• Sales of apartment properties reached 753 in January 2014, an increase of 30.7 per cent compared to the 576 sales in January 2013, and an increase of 14.6 per cent compared to the 657 sales in January 2012. The benchmark price of an apartment property increased 3.7 per cent from January 2013 to $371,500.

• Attached property sales in January 2014 totaled 279, an increase of 19.7 per cent compared to the 233 sales in January 2013, and a 6.9 per cent increase from the 261 attached properties sold in January 2012. The benchmark price of an attached unit increased 1.7 per cent between January 2013 and 2014 to $457,700.