Residential and single-family detached housing prices continued to drop in January, a new report shows.
The Real Estate Board of Greater Vancouver (REBGV) says home sales throughout the region totalled 1,022 last month compared to the 2,285 homes sold in January 2022, which equates to a 55.3 per cent decline.
Last month's numbers also reflected a 21.1 per cent decline from the 1,295 homes sold in December 2022.
"Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history," REBGV spokesperson Andrew Lis said in a news release.
"Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market."
Two of the four property type categories in Burnaby saw decreases in January.
Residential properties in Burnaby East hit a benchmark price of $1,079,300 last month (-0.3 per cent), $954,400 in Burnaby North (-1.1 per cent) and $1,052,800 in Burnaby South (-0.4 per cent).
Single-family detached homes reached $1,673,400 in Burnaby East (-0.1 per cent), $1,826,800 in Burnaby North (-3.3 per cent) and $1,988,600 in Burnaby South (-2.5 per cent).
Areas covered by the REBGV include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.
