The underlying theme of the October 2018 market report released by the Real Estate Board of Greater Vancouver (REBGV), was that home sales remained below long-term historical averages
“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.”
“Home prices have edged down between three and five per cent, 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.”
Realtors registered only 1,966 residential property sales in October 2018 for the region. This represented a 34.9% decline from the same period last year in which 3,022 sales were recorded and a decrease of 23.3% from September 2018 when 1,595 homes were sold.
The number of detached properties sold was 637, 32.2% less than October 2017.
The number of apartments sold was 985, 35.7% less than October 2017.
The number of attached properties sold was 344, 37.5% less than October 2017.
October saw 4,873 new listings of detached, attached and apartment properties added to the Multiple Listing Service (MLS) in Metro Vancouver. This was 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.
This ratio gives a better understanding of the relationship between supply and demand in the market. Downward pressure on home prices can occur when the ratio dips below 12% for a sustained period, and home prices can experience upward pressure when the ratio is above 20% for sustained periods.
For all property types, the ratio in October was 17.10%.
When broken down by property types, the ratio was:
3% for detached homes
3 % for townhomes
6 % for condominiums
For the month of October, The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1,062,100. This was 1% higher than October 2017 and a 3.3% decrease over the last 3 months.
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The real estate landscape in Vancouver has changed considerably over the past year. We are in a buyer’s market. If you are planning on buying a home, you need to get in touch with an experienced real estate company such as ours to take advantage of this market. Contact us by email or call us on 604 695 1000 or 604 913 1000.