The Real Estate Board of Greater Vancouver (REBGV) said there were 1,351 sales in the region last month, the second lowest January total since 2001 and 18.7 per cent below the 10-year average.
However, the board says the decline has not led to panic among sellers but rather just a slowdown in activity.
“It appears many home sellers are opting to remove their homes from the market rather than settle for a price they don’t want,” REBGV president Eugen Klein stated in a news release.
On a related note, many experts have been quoted as saying that “stubborn sellers” would prevent the Canadian market from collapsing, resulting instead in a stagnate market.
REBGV says the total number of properties currently listed for sale in the region is 13,246, a 4.5 per cent decline compared to December 2012. It’s the fourth consecutive month that overall home listings have declined in the region.
“When a home seller isn’t receiving the kind of offers they want, there comes a point when they decide to either lower the price or remove the home from the market. Right now, it seems many home sellers are opting for the latter,” Klein said.
In Greater Vancouver, the benchmark price for a typical home across the region declined 5.9 per cent to $588,100, from $625,100 last May. This represents a 2.8 per cent decline compared to this time last year.
For a closer look at all the numbers, refer to the REBGV charts toward the bottom of this press release.