VANCOUVER, BC – October 01, 2018 – The supply of homes for sale continued to increase across the Metro Vancouver* housing market in September while home buyer demand remained below typical levels for this time of year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 percent decrease from the 2,821 sales recorded in September 2017, and a 17.3 percent decrease compared to August 2018 when 1,929 homes sold.
Last month’s sales were 36.1 percent below the 10-year September sales average.
“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”
There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2018. This represents a 1.8 percent decrease compared to the 5,375 homes listed in September 2017 and a 36 percent increase compared to August 2018 when 3,881 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,084, a 38.2 percent increase compared to September 2017 (9,466) and a 10.7 percent increase compared to August 2018 (11,824).
For all property types, the sales-to-active listings ratio for September 2018 is 12.2 percent. By property type, the ratio is 7.8 percent for detached homes, 14 percent for townhomes, and 17.6 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.
“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said. “It’s important for both home buyers and sellers to work with their Realtor to understand what these trends means to them.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,070,600. This represents a 2.2 percent increase over September 2017 and a 3.1 percent decrease over the last three months.
Sales of detached properties in September 2018 reached 508, a 40.4 percent decrease from the 852 detached sales recorded in September 2017. The benchmark price for detached properties is $1,540,900. This represents a 4.5 percent decrease from September 2017 and a 3.4 percent decrease over the last three months.
Sales of apartment properties reached 812 in September 2018, a 44 percent decrease compared to the 1,451 sales in September 2017. The benchmark price of an apartment property is $687,300. This represents a 7.4 percent increase from September 2017 and a 3.1 percent decrease over the last three months.
Attached property sales in September 2018 totalled 275, a 46.9 percent decrease compared to the 518 sales in September 2017. The benchmark price of an attached unit is $837,600. This represents a 6.4 percent increase from September 2017 and a two 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.