Property prices rose again in October, as decreased inventory levels and soaring sales pushed values up across Metro Vancouver.
According to the Real Estate Board of Greater Vancouver, October saw a year-on-year increase of 19.3 per cent in residential sales, while the benchmark price of a property in Vancouver also rose 15.3% to $736,000 during the same period.
In total there were 3,646 sales through the Multiple Listing Service (MLS) compared to the 3,057 sales recorded in October 2014. Despite the number of sales however, the month saw an eight per cent decline in new listings for detached, attached, and apartment properties compared to the same period last year.
Total properties for sale on the real estate board’s Multiple Listings Service (MLS) were also down more by more than a third compared to October 2014, the lowest level for listings since December 2010.
“Home sales are more than one-third above what’s typical for this time of year, yet the supply of homes for sales is the lowest we’ve seen in five years,” Darcy McLeod, president of the Real Estate Board of Great Vancouver said in a media release. “This activity has created favourable market conditions for anyone considering selling their home today.”
MLS Benchmark prices for October 2015
Detached property: $1,197,600
Attached property: $526,700