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Vancouver’s once red-hot housing market continued to cool last month as the number of home sales fell to the lowest level seen in January in 10 years.

The Real Estate Board of Greater Vancouver says 1,103 homes were sold in Metro Vancouver last month, down 39.3 per cent from the same month a year earlier.

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Month-over-month, January home sales were up 2.9 per cent versus December 2018.

Photo by JONATHAN HAYWARD / THE CANADIAN PRESS

The board says last month’s home sales were 36.3-per-cent below the 10-year sales average for January, and the lowest January sales figure recorded since 2009.

The composite benchmark price for a property, which includes detached properties, town homes and condos, dropped 4.5 per cent from a year ago to $1,019,600.

LISTEN: Housing Matters host Stuart McNish speaks with B.C. Minister of Housing Selina Robinson, opposition critic Sam Sullivan, and Vancouver Sun columnist Dan Fumano about how different levels of government can find solutions to Metro Vancouver’s housing affordability crisis.