Home sales in January fell 55% from last year: Vancouver Board

The Real Estate Board of Greater Vancouver says home sales in January were down more than half from a year earlier and down 21 per cent from December.

The board says sales for the month totaled 1,022, down 55 percent from January.

The number of home resales last month was also 42.9 percent below the 10-year January sales average.

The board blamed the lackluster month on mortgage rates, which rose faster than last year.

The combined benchmark price for the region was more than $1.1 million, according to the board.

The total number of homes currently listed for sale on its listing service is 7,478, an increase of 32.1 percent from January 2022 and 1.3 percent from December 2022.