Jan 2025 starts with modest increases over Dec 2024
The Average Sale Price, and Median Sale Price were down compared to January 31, 2024, with 31 January representing the Last Twelve Months (LTM) of activity. The MLS® Home Price Index (HPI) was up 2.0 per cent for the same period
A comparison of activity during the month of January 2025 to the month of January 2024 showed an increase in these metrics; however, because of the very small market on Bowen, monthly figures related to sale prices can vary dramatically.
LTM December 2024 compared to January 2025 saw a very modest increase with MLS® HPI, Average Sale Price, and Median Sale Price up +0.6, +0.4, and +0.4 per cent respectively.
Inventory and New Listings LTM were up +54.5 and +35.3 per cent respectively. Sales did not keep up with inventory as Sellers were far more eager to enter the market than Buyers.
The Number of Sales LTM was up +22.8 per cent representing an increase of $15 million in the Dollar Volume of Sales LTM. The Dollar Volume of Sales for the month of January 2025 sales was down $1.25 million compared to the month of January 2024.
Burnaby outperformed other Metro municipalities with an MLS® HPI increase of 6.3 per cent. North Vancouver, Richmond, and Surrey ranked at the bottom with an increase of 1.3 per cent. Bowen Island saw a 2.0% increase in the HPI.
The bulk of current MLS® listings on February 15 were in the range of $1.0-2.0 million representing 23 of the 34 listings. There were only 2 listings priced under $1.0 million.
The 0.25 per cent reduction in the Bank of Canada rate on January 29 did not appear to encourage buyers. There is another rate change planned for March 12.
The actions of the Trump White House have created world-wide uncertainty. The threat of high tariffs and a trade war with the USA may keep buyers from entering the market.
A comparison of activity during the month of January 2025 to the month of January 2024 showed an increase in these metrics; however, because of the very small market on Bowen, monthly figures related to sale prices can vary dramatically.
LTM December 2024 compared to January 2025 saw a very modest increase with MLS® HPI, Average Sale Price, and Median Sale Price up +0.6, +0.4, and +0.4 per cent respectively.
Inventory and New Listings LTM were up +54.5 and +35.3 per cent respectively. Sales did not keep up with inventory as Sellers were far more eager to enter the market than Buyers.
The Number of Sales LTM was up +22.8 per cent representing an increase of $15 million in the Dollar Volume of Sales LTM. The Dollar Volume of Sales for the month of January 2025 sales was down $1.25 million compared to the month of January 2024.
Burnaby outperformed other Metro municipalities with an MLS® HPI increase of 6.3 per cent. North Vancouver, Richmond, and Surrey ranked at the bottom with an increase of 1.3 per cent. Bowen Island saw a 2.0% increase in the HPI.
The bulk of current MLS® listings on February 15 were in the range of $1.0-2.0 million representing 23 of the 34 listings. There were only 2 listings priced under $1.0 million.
The 0.25 per cent reduction in the Bank of Canada rate on January 29 did not appear to encourage buyers. There is another rate change planned for March 12.
The actions of the Trump White House have created world-wide uncertainty. The threat of high tariffs and a trade war with the USA may keep buyers from entering the market.
JANUARY 2025DETACHED HOMES
SALE PRICE vs LIST PRICE
Low $1,299,000 $1,299,000
High $1,870,000 $1,998,000
Average Sale in January $1,584,500
Median Sale in January $1,584,500
STATS ON BOWEN
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