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Home sales in Vancouver down last month

VANCOUVER (NEWS1130) – Vancouver-area home sales fell 5.4 per cent in January compared to a year ago and 4.2 per cent from the previous month, but prices continue to rise.

An industry group says its adjusted average price was up 2.7 per cent from 12 months earlier. The adjusted average price of a condo, which is the biggest part of the market, was up 1.4 per cent to $391,000.

However the unadjusted selling price for a detached home rose to a record $1.1 million, up $98,000 from the previous month and $194,000 more than a year ago. The figure is subject to greater volatility than the adjusted number.

The Real Estate Board of Greater Vancouver says the market is characterized by “hot spots.” President Jake Moldowan says Richmond and the west side of Vancouver are strong sellers’ markets. Their year-over-year price increases are 22.6 per cent and 12.2 per cent, respectively.