Last month’s new listings were 17.4% below January’s 10-year average.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, a 20.3% decrease compared to January 2019 and a 0.2% increase compared to December 2019, and is 13.7% below the 10-year January average.
For all property types, the sales-to-active listings ratio for January 2020 is 18.2%. By property type, the ratio is 11.6% for detached homes, 22.6% for townhomes, and 23.9% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,700. This represents a 1.2% decrease over January 2019, a 1.4% increase over the past six months, and a 0.8% increase compared to December 2019.