Home sale activity across Metro Vancouver remained below long-term historical averages in October, according to the latest figures.
In its monthly report, the Real Estate Board of Greater Vancouver (REBGV) said that residential home sales in the region totalled 1,966 last month, a 34.9% decrease from the 3,022 sales recorded in October of 2017. Last month’s sales were also 26.8% 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,” said REBGV President Phil Moore. “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% increase compared to the 4,539 homes listed in October 2017 and a 7.7% decrease compared to September 2018 when 5,279 homes were listed.
For all property types, the sales-to-active listings ratio for October 2018 is 15.1%. By property type, the ratio is 10.3% for detached homes, 17.3% for townhomes, and 20.6% for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“Home prices have edged down between 3 and 5%, 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 1% increase over October 2017 and a 3.3% decrease over the last three months.