Homes sales and listing activity across Metro Vancouver dipped below the historical average for October in part due to the changing real estate market dynamics.
“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”
This wait-and-see attitude resulted in less homes on the market and fewer sales to the tune of a 38.8% decrease from October 2015’s 3,646 sales to October 2016’s 2,233. Last month’s sales even marginally declined from September 2016 by 0.9%, for an overall sales average that was 15% below the 10-year average for October.
The detached market is taking the greatest hit in homebuyer demand, and Morrison concluded by urging those wishing to list their property to work with a pro: “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”
New Listings (detached, attached, and apartment): 3,981
3.5% decrease from October 2015
17% decrease from September 2016
9.5% below 10-year average for October
Total Active listings on MLS®: 9,143
4.5% decrease from October 2015
2.3% decrease from September 2016
Sales-to-Active-Listings ratio: 24.4%
Benchmark price for all residential properties: $919,300
24.8% increase from October 2015
0.8% decrease from September 2016
Benchmark price for a detached property is $1,545,800
28.9% increase from October 2015
1.4% increase from September 2016
Detached property sales totaled 652
54.6% decrease from October 2015
Benchmark price for an apartment property is $512,300
20.5% increase from October 2015
0.3% increase from September 2016
Apartment property sales totaled 1,178
23.7% decrease from October 2015
Benchmark price for an attached unit is $669,200
25.7% increase from October 2015
1.1% decrease from September 2016
Attached property sales totaled 403
39.5% decrease from October 2015
If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Want some advice on how your home fits in? Call us for a consultation today!
Correction notice:
Altus Group, provider of the national MLS® Home Price Index (MLS® HPI), miscalculated in their September 2016 reporting which resulted in variances of between 0.1% and 5% in the benchmark prices the REBGV released last month.
*REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
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