Vancouver home sales rebound from last year’s slump

Thursday, October 3rd, 2019

Metro Vancouver back to normal level of sales

Steve Randall
Canadian Real Estate Wealth

The more normal level of sales activity in Metro Vancouver continued in September with a 46.3% increase year-over-year.

There were 2,333 homes sold in the region, 4.6% more than in August and just 1.7% below the 10-year September sales average.

Real Estate Board of Greater Vancouver said that demand in the market is helping sales to return to more balanced territory.

“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” Ashley Smith, REBGV president said. “Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”

New listings were 7.8% lower than a year ago but up 29.9% from August, with 4,866 homes newly listed for sale; inventory was 13,439, up 2.7% year-over-year and up 0.3% month-over-month.

For all property types, the sales-to-active listings ratio for September 2019 is 17.4 per cent. By property type, the ratio is 12.7% for detached homes, 18.9% for townhomes, and 21.9% for apartments.

“This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”

Prices are still trending lower with the MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $990,600, a decrease of 7.3% year-over-year and of 0.3% month-over-month.

Stats by property type Sales of detached homes in September 2019 reached 745, a 46.7% increase from the 508 detached sales recorded in September 2018. The benchmark price for a detached home is $1,406,200, down 8.6% from September 2018 and virtually unchanged from August 2019.

Sales of apartment homes reached 1,166 in September 2019; a 43.6% increase compared to September 2018. The benchmark price of an apartment property is $651,500, down 6.5% from September 2018 and a 0.4% decrease from August 2019.

Attached home sales in September 2019 totalled 422, a 53.5% increase compared to September 2018. The benchmark price of an attached home is $767,500, down 7.2% from September 2018 and a 0.6% decrease compared to August 2019.

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