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Vancouver Home Sales in October Flat vs. September – But Below Norms: REBGV
G
reater Vancouver’s home sales in October were virtually flat with September’s figures – but well below historical averages, according to Real Estate Board of Greater Vancouver (REBGV) figures released November 2. “Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” said Dan Morrison, president of the REBGV. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.
Sales and Listings Residential property sales in Greater Vancouver totalled 2,233 in the 2016, a decline of 38.8 per cent compared with the 3,646 sales in October 2015, but just 20 units fewer than September this year, a drop of 0.9 per cent. October’s
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transactions were also 15 per cent below the 10-year sales average for the month. The steepest annual drop in sales was once more in the single-family home market, which saw 652 houses exchange hands in October, a decline of 54.6 per cent from the 1,437 detached sales of October 2015, and 1.4 per cent lower than September this year. Attached properties such as townhouses and duplexes saw 403 sales in October, a 39.5 per cent fall compared with the 666 sales in October 2015, and a drop of 1.1 per cent from the previous month. September’s condo-apartment transactions totalled 1,178 in October, a fall of 23.7 per cent compared with the 1,543 sales in October 2015. However, this was an increase of 0.3 per cent over September 2016. Home inventory patterns remain in
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flux with sellers unsure of their next move as market conditions change. New listings on the Greater Vancouver MLS® in October were down 3.5 per cent year over year to 3,981 units. This is a drop of 17 per cent compared with September this year, when the selling market became slightly more active after a summer lull. The total number of active listings available for sale on the MLS® in Metro Vancouver, as of the end of October, stood at 9,143 homes. The sales-toactive-listings ratio for October stood at 24.4 per cent. To achieve a balanced market, the ratio needs to be between 12 and 20 per cent, according to analysts.
September’s record $1,579,400, but a rise of 28.9 per cent year over year. The benchmark price of attached properties such as townhomes and row homes fell slightly in October to $669,200, 1.1 per cent less than September’s $677,000. The October price is 25.7 per cent higher than October 2015. The board’s condo-apartment benchmark price stood at $512,300 in October, which was a rise of 20.5 per cent over October 2015. Reflecting the month-over-month increase in condo sales, the benchmark price was 0.3 per cent higher than September’s typical condo price of $511,800.
Benchmark Prices
Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index at www.rebgv.org/news-statistics.
Broken out by housing types, the benchmark price of a Greater Vancouver single-family home was $1,545,800 – down 1.4 per cent compared with
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