January 2022 Market Update

January 2022 GVR Market Update- Thumbnail

Yet another busy month for Greater Vancouver real estate — let’s take a look into the statistics.

The REBGV reports that residential home sales in the region totalled 2,285 in Jan 2022, a 4.4% decrease from Jan 2021 and a 15% decrease from Dec 2021. However, last month’s sales were still 25.3% above the January sales average. 

Let’s dive into the Burnaby market, specifically.

  • 33% of all detached homes listed in Burnaby are selling, and on average, for 3% higher than the listing price.
  • East Burnaby experienced the highest price gain with the benchmark price of a home increasing by 4.1%, followed by North Burnaby at 3.5%, and South Burnaby at 2.2%.
  • The attached market of Burnaby has been more competitive, however, with more modest price gains. The sales to active listing ratio was 65% and homes, on average, are selling for 5% higher than the listing price.
  • The benchmark price of a townhome across all areas of Burnaby increased by 2.1% and condos are up 1.7%.

Moving into the Tri-Cities Real Estate Market,

  • The most competitive market was attached homes in Port Coquitlam: 169% sales to active listing ratio with homes averaging a sale price 12% higher than asking.
  • Next, was Port Moody’s attached market where 98% of all homes sold, and then Coquitlam attached selling at 92%.
  • The highest performing detached market of the 3 was Port Coquitlam where 91% of all homes sold, 6% higher than asking.

If you are a buyer, there is some welcoming news: across Greater Vancouver, inventory levels had risen 8.2% to December 2021. Supply and interest rates will be important to keep a close eye on as we move into the Spring market.

Watch The Full Market Update Video Here:

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