A total of 3,125 homes were sold in January across Greater Vancouver, up 5.7% compared with December 2014 and 8.0% year-over-year, according to Canadian Real Estate Association (CREA) data released February 17. In spite of growing sales in the region, however, the average residential sales price dipped in the month. The average home sold for $825,233 in January – down 2.6% compared with $847,661 in December.

Across British Columbia, a total of 7,240 homes were sold for an average sale price of $589,650, which is an increase of 0.3% compared with the previous month. Unit sales in Greater Vancouver accounted for 63% of the provincial total. The average sale price for a home in Greater Vancouver was almost exactly double the Canadian average of $413,563, which represents a 0.2% dip compared with December. Canada-wide, 38,113 homes were sold, which is 3.1% lower than the 39,317 homes sold in December and 2.0% lower than a year ago. 

“Canada’s housing market is cooling notably, largely because of the sudden deep chill in the previously hottest cities,” said BMO Financial Group chief economist Douglas Porter, pointing to a 23.9% drop in unit sales in Calgary and a 9.8% decrease in Edmonton for the month. “We suspect that with borrowing costs still plumbing the depths and many provincial economies holding up, any housing correction will be a specific regional affair.”

All figures are seasonally adjusted and compiled from monthly data from select MLS systems across Canada, including the British Columbia Real Estate Association. The data differs from statistics provided by Teranet, which uses “repeat sales methodology” statistics. This means that Teranet examines an aggregation of home value changes for homes that have been sold at least twice in a particular time frame.