VANCOUVER, BC – November 02, 2018 – Home sale activity across Metro Vancouver* remained below long-term historical averages in October.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 percent decrease from the 3,022 sales recorded in October 2017, and a 23.3 percent increase compared to September 2018 when 1,595 homes sold.
Last month’s sales were 26.8 percent below the 10-year October sales average.
“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.”
There were 4,873 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2018. This represents a 7.4 percent increase compared to the 4,539 homes listed in October 2017 and a 7.7 percent decrease compared to September 2018 when 5,279 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,984, a 42.1 percent increase compared to October 2017 (9,137) and a 0.8 percent decrease compared to September 2018 (13,084).
For all property types, the sales-to-active listings ratio for October 2018 is 15.1 percent. By property type, the ratio is 10.3 percent for detached homes, 17.3 percent for townhomes, and 20.6 percent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.
“Home prices have edged down between three and five percent, depending on housing type, in our region since June,” said Moore. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”
The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,062,100. This represents a one percent increase over October 2017 and a 3.3 percent decrease over the last three months.
Sales of detached homes in October 2018 reached 637, a 32.2 percent decrease from the 940 detached sales recorded in October 2017. The benchmark price for detached properties is $1,524,000. This represents a 5.1 percent decrease from October 2017 and a 3.9 percent decrease over the last three months.
Sales of apartments reached 985 in October 2018, a 35.7 percent decrease compared to the 1,532 sales in October 2017. The benchmark price of an apartment property is $683,500. This represents a 5.8 percent increase from October 2017 and a 3.1 percent decrease over the last three months.
Attached homes sales in October 2018 totalled 344, a 37.5 percent decrease compared to the 550 sales in October 2017. The benchmark price of an attached home is $829,200. This represents a 4.4 percent increase from October 2017 and a 2.8 percent decrease over the last three months.
* Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
The real estate industry is a key economic driver in British Columbia. In 2017, 35,993 homes changed ownership in the Board’s area, generating $2.4 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $37 billion in 2017.
The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.