The first month of 2022 saw home sales come down from last year’s record-setting pace,while low supply continued to cause home prices to edge higher across Metro Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 2,285 in January 2022, a 4.4per cent decrease from the 2,389 sales recorded in
January 2021, anda15 percent decrease from the 2,688 homes sold in December 2021.

Last month’s sales were 25.3 percent above the 10-yearJanuary sales average.
There were 4,170 detached, attached andapartment properties newly listed for sale on the
Multiple Listing Service in Metro Vancouver in January 2022. This represents a 6.9
per cent decrease compared to the 4,480 homes listed in January 2021 and a 114.4 per cent
increase compared to December 2021 when 1,945 homes were listed.

“Our listing inventory on MLS® is less than half of what would be optimal to begin the year. As
a result, hopeful home buyers have limited choice in the market today. This trend is causing
fierce competition for a scarce number of homes for sale,which, in turn, increases prices,” Keith
Stewart, REBGV economist said.

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