January was very quiet in the Vancouver real estate market.

That's not unusual. January is typically the slowest month of the year...but this last month was unusually slow relative to what we typically see.

ALL activity was well below the 10-year average. But it's sales (demand) that took the biggest dip in January. The 313 sales were -38.4% below the 10-year average (-15.2% m-to-m and -55.3% y-to-y).

New listings increased over December to 1,061 (+170.1% m-to-m and -27.4% y-to-y). This was also down significantly (-29.1%) vs the 10-year average.

Overall listing inventory rose slightly to 2,631 (+0.5% m-to-m and -2.3% y-to-y).

We continue to see more stability/strength at the lower price points in our market. We can see that detached homes continue to become more affordable while lower price points pricing has stabilized in recent months.

Are things going to get worse from here?

I don't believe so, no.

Here's why.

1. Seasonality - January is typically the slowest month for sales. That month...