The Real Estate Board of Greater Vancouver (REBGV) has released its latest market update, and it shows that home sales in the region are below long-term averages. This means that the number of homes being sold in Greater Vancouver is lower than what is normally seen over a longer period of time. In addition to this, the report also highlights that inventory levels remain very low, making it difficult for some buyers to find the home they want.

According to the REBGV, in January of this year, home sales in Greater Vancouver were 20.3% lower than the 10-year average for the month. This is a significant drop from the norm, and it has caused some concerns about the health of the housing market in the region. Despite this, REBGV President Colette Gerber remains optimistic and has stated that the market is stable and has remained resilient in the face of ongoing economic uncertainty.

Gerber also points out that low interest rates have made homeownership more attainable for some, which has resulted in increased demand for homes. However, the low inventory levels have made it difficult for buyers to find the right home to purchase. In January, there were only 4,269 active listings in Greater Vancouver, which is a decrease of 43.3% compared to the same time last year. This low level of inventory is a major contributing factor to the decrease in home sales in the region.

The REBGV report also shows that the average price for all residential properties in Greater Vancouver increased by 3.2% from last year, reaching $1,379,300. This indicates that the housing market in Greater Vancouver is still in demand, despite the challenges posed by low inventory levels. Gerber has encouraged buyers to work closely with their real estate professional to find the best options available and to remain patient while they navigate the current market conditions.

Overall, the REBGV report shows that the housing market in Greater Vancouver is not showing signs of significant growth, but it is not experiencing a major downturn either. The market remains stable, but the low inventory levels may continue to impact sales in the short term. However, with low interest rates and increasing demand, the long-term outlook for the housing market in Greater Vancouver remains positive.