Posted on
February 19, 2025
by
Sylvia Olson
Sales in January up 9% year-over-year
January had the highest number of new listings for the month of January since 2012
Bank of Canada has helped make buying more attractive
As we ring in the new year together, I am reminded how beautiful our city if throughout the year. Gorgeous snow-capped mountain peaks surround our city this week. Offering an unparalleled lifestyle and breathtaking views, Vancouver has earned it well-deserved international reputation for being the gem of the world.
Buyer demand remains high and market analysts are forecasting a busy year ahead. Economists believe Canada’s housing market is poised to be strong amidst much lower borrowing costs and more favourable rules for buyers.
On the surface, the numbers in January point to a continuation of positive signs in real estate with a lift in activity. Sales were up, listings were up, sentiment is shifting to positive. If we thought 2024 was the year of distraction, 2025 stepped up with trade war conversation. Perhaps calmer heads will prevail with the prime minster resigning and the imminent federal election around the corner.
Interests rates have come down once again on January 29, 2025. The next Bank of Canada meeting is March 12, 2025.
__________ For Those Who Like the Numbers __________
There were 1,552 properties sold in Greater Vancouver in January, after 1,765 properties sold in December, 2,181 properties sold in November, 2,632 properties sold in October, and 1,852 sold in September. The market buzz to start 2025 was certainly more positive than the last 2 years with multiple offers, and some listings moving within a week. Higher traffic at open houses and showings provides a glimpse buyers are getting serious. The pent-up demand seems to be emerging as anticipated after a more than 2 year hiatus due to higher interest rates.
Greater Vancouver sales in January were 9% higher compared to the 1,427 properties sold in January 2024 and were a 51% increase from the 1,030 sales in January 2023. In fact, looking back at 2017 through to 2020, sales were 1,553, 1,846, 1,120 and 1,602 respectively in those years for the month of January.
The number of new listings in January were 30% above the 10-year average, December was right at the 10-year average, November 5% above the 10 year average and October 20% above the 10 year average. Sellers were prepared for January more than we’ve seen in the last 10 years. This January being the highest January in Greater Vancouver since 2012! And the third highest total for the month going back to 1997. This helps buyers who are looking to take advantage of decreasing interest rates.
