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The number of residential real-estate transactions last month remained 7.3 percent below the 10-year average for January, according to the Real Estate Board of Greater Vancouver.

But sales last month were still a whopping 42.4 percent above the figure recorded in January 2019, when the housing market was in the doldrums.

“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average,” REBGV president Ashley Smith said in a news release. “Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.”

The number of new listings was 17.4 percent beneath the 10-year average for January. And the number of homes listed for sale through the multiple-listing service last month was 13.7 percent below the 10-year average.

Meanwhile, the benchmark price for all residential real estate in January was $1,009,700. That's 1.2 percent below the figure recorded a year ago, but 0.8 percent higher than in December.

The Real Estate Board of Greater Vancouver's territory includes Whistler and the Sea to Sky corridor.

White Rock, North Delta, Surrey, and Langley are part of the Fraser Valley Real Estate Board's territory.