Momentum beginning to swing in Vancouver housing as January sales rise

VANCOUVER — 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.

Greater Vancouver Realtors director of economics and data analytics Andrew Lis says momentum is starting to shift from buyer demand toward sellers, helping to keep the market balanced 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 says the board is forecasting moderate price growth by the end of the year, but cautions that potential U.S. tariffs on Canadian goods or other economic shocks could alter those estimates.

This report by The Canadian Press was first published Feb. 4, 2025.

The Canadian Press