Vancouver skyline

Vancouver Condo Report January 2018

Steve Saretsky -

All eyes are on the condo market as new mortgage regulations kicked in beginning in January. The reality is most buyers are on locked into rate holds for 120 days so the true impacts of the new rules likely won’t be felt until much later this year.

If you read last months condo report you may have noticed some panic buying in December as buyers rushed to secure properties prior to the New Year. January appears to be more of the same, with record low inventory levels, desperate buyers, and bidding wars pushing prices higher.

Vancouver Condo Sales

Vancouver condo sales increased by 8% on a year over year basis and remain surprisingly robust despite continued policies aimed at cooling the market. For the month of January condo sales were 3% above the 10 year average.

Vancouver condo sales using a 6 month moving average appear to be slowing after peaking in early 2016.

Vancouver condo sales
Vancouver condo sales

New Listings/ Inventory Levels

Vancouver has been unable to solve the mysterious case of new listings, which hit a decade low in January. New listings plummeted 9% year over year and were a staggering 30% below the ten year average for the month of January.

Vancouver inventory levels plunged 32% year over year in January. Although they increased slightly from record lows in December.

Vancouver condo inventory
Vancouver condo total inventory

Sales to Actives Ratio

The sales to actives ratio was 42% in January, indicative of a sellers market with upwards pressure on prices.

sales to actives ratio
Vancouver condo sales to actives ratio.

Vancouver Condo Prices

The average sales price spiked upwards in January to $1,090,317. This is partly due to some high end luxury condos selling and skewing it upwards, but nonetheless the trajectory continues to be upwards. The median sales price was $794,000 a 28% increase year over year. The average price per square foot also hit a new high of $1124.


While Vancouver condo price growth has slowed in recent months, it saw a surprising spike upwards in January. This suggests a potential reaction to the new mortgage changes which has many buyers scrambling to secure something before rate holds expire. With inventory levels near record lows and sales remaining strong there continues to be upwards pressure on prices. While this is clearly unsustainable in the long term, short term dynamics suggest little relief for buyers in the coming months. Expect bidding wars to continue as too many buyers chase too little inventory.

Stay Informed. Join My Weekly Vancouver Real Estate Round-Up.


Join the Monday Newsletter

Every Monday morning you'll receive a short and entertaining round-up of news on the Vancouver & Canadian Real Estate markets.

"*" indicates required fields

The Canadian Economy

Steve Saretsky -

Happy Monday Morning! The Bank of Canada moved to the sidelines once again, appeasing premiers in BC & Ontario who publicly pleaded with the BoC last week. It’s no secret these two provinces have the most to lose, their coffers largely built on a highly levered housing market, but we’ll...

Steve Saretsky -

Happy Monday Morning! A few weeks ago we summarized the cabinet shuffle, arguing the replacement of both the housing minister and immigration minister was simply rearring deck chairs on the Titanic. When new immigration minister Marc Miller was repeatedly questioned about rampant immigration putting strains on infrastructure and housing, he noted,...

Steve Saretsky -

Happy Monday morning! The Federal government is ramping up the noise amidst dismal polling numbers and a federal election only two years away. We had a cabinet shuffle just a few weeks ago, which included the immigration minister becoming the new housing minister. This week they arranged a housing retreat...

Steve Saretsky -

Happy Monday Morning! Headline CPI inflation surprised to the upside this past week, pushing back up to 3.3% and well above market expectations of 3%. However, those who have been following along here will know the importance of base effects. When headline inflation fell to 2.8% last month we were...

Steve Saretsky -

Happy Monday Morning! It’s been a few weeks now since the Trudeau government shuffled his cabinet ministers, naming both a new housing minsiter and a new immigration minister. However, as we discussed a few weeks ago in my piece, Same Faces, Different Places, nothing has fundamentally changed. These are the same...

Get the Saretsky Report to your email every month

The Saretsky Report. December 2022