There’s no shortage of homes available for sale these days in Vancouver, and those hoping for better bargains in one of the world’s least affordable housing markets may get their wish soon.
The latest data from the Real Estate Board of Greater Vancouver (REBGV) shows the number of homes for sale in the region jumped by 27.7 per cent in January, compared to the same month a year earlier.
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From December to January, the number of homes for sale jumped a massive 244 per cent. While it’s normal for the number of houses for sale to jump after the holidays, this is an unusually large increase. Last year, the increase was around 100 per cent.
Meanwhile, sales dropped 39.3 per cent in January, compared to a year earlier, REBGV reported.
Taken together, this means Vancouver’s housing market is now a “buyer’s market” for all housing types. Only 6.8 out of every 100 detached homes on the market sells in any given month. For townhouses, there are 11.9 sales for every 100 on the market, and there are 13.6 condo sales for every 100.