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Vancouver home sales fall nearly 40 per cent in January, as prices pull back

A real estate sign is pictured in Vancouver, B.C., Tuesday, June 12, 2018. THE CANADIAN PRESS Jonathan Hayward

Vancouver’s once red-hot housing market continued to cool last month as the number of home sales fell to the lowest level seen in January in 10 years.

The Real Estate Board of Greater Vancouver says 1,103 homes were sold in Metro Vancouver last month, down 39.3 per cent from the same month a year earlier.

Month-over-month, January home sales were up 2.9 per cent versus December 2018.

READ MORE: Housing slowdown continues, says Real Estate Board of Greater Vancouver

The board says last month’s home sales were 36.3 per cent below the 10-year sales average for January, and the lowest January sales figure recorded since 2009.

The composite benchmark price for a property, which includes detached properties, townhomes and condominiums, dropped 4.5 per cent from a year ago to $1,019,600.

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READ MORE: Metro Vancouver housing sales hit nearly 20 year low

Sales of detached homes fell 30.4 per cent year over year, while the benchmark price pulled back 9.1 per cent from January 2018 to $1,453,400.

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