Transition to Buyers Market

Selection broadens and demand eases to kick off 2012 in the Greater Vancouver housing market

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver

reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 per cent decrease

compared to the 1,658 sales recorded in December 2011, a decrease of 13.3 per cent compared to the 1,819 sales

in January 2011 and an 18 per cent decline from the 1,923 home sales in January 2010. January sales in Greater

Vancouver were the second lowest January total in the region since 2002, though only 146 sales below the 10-year

average.

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in

pricing compared to this time last year,”  Rosario Setticasi, REBGV president said. “Last month’s activity tells us that

competition amongst home buyers was reduced in January, which means that individuals looking to purchase a

home had more time to do their homework, consult with their REALTOR®, and make a decision.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This

represents a 19.9 per cent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 per

cent increase compared to the 1,629 new listings reported in December 2011.

Last month’s new listing count was the highest January total in Greater Vancouver since 1995. The total number

of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 per cent increase

compared to December 2011 and an increase of 20.2 per cent compared to January 2011.