February 16, 2018 MLA Canada Releases Resale & Pre-sale Report for January 2018 Latest report looks at the resale and pre-sale housing market in Greater Vancouver.

DOWNLOAD THE JANUARY 2018 MONTHLY REPORT

MLA Canada’s January 2018 real estate insights report looks at the resale and pre-sale housing market in Greater Vancouver.

Sales for apartments were extremely strong for the month of January 2018, up over 23 per cent from one year ago. It is believed that some of this influx of resale is a result of the new mortgage regulations while people lock in pre-approved rates and avoid the 2 per cent stress test. The resale market remains extremely constricted for apartment inventory and we are currently experiencing the lowest inventory levels in over 13 years. This is putting upward pressure on prices, in particular entry level product type. Sales-to-active listings ratio for all product types is currently at 25 per cent indicating a seller’s market.

RESALE DETACHED

The benchmark home price for detached homes in Greater Vancouver has been slowly declining since September with a 0.27 per cent decrease in January. MLA Advisory anticipates the downtrend will continue for single-family homes.

RESALE TOWNHOMES

The HPI Price for townhomes saw no change in the month of January. Over the past year, townhomes have appreciated nearly 17.5 per cent across Greater Vancouver but price growth for this product type is expected to see stagnant growth.

RESALE APARTMENTS

The supply shortage of apartments continues to be felt throughout the Lower Mainland leading to increased prices for this entry level product type. Sales-to-active listings ratio for apartments is currently at 56 per cent, leading to price growth of over 27 per cent over the past year.

For a full overview of the January’s housing activity, download the report at January 2018 Report