VANCOUVER HOME SALES SURGE 45% IN OCTOBER TO TOP 10-YEAR AVERAGE


Under: Market Update, REBGV, Vancouver Real Estate

 

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Written on November 5th, 2019

 
 

VANCOUVER, BC – November 4, 2019 – The Metro Vancouver* housing market is
experiencing a fall pickup in home sale activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in
October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.

Last month’s sales were 9.8 per cent above the 10-year October sales average.

“Home buyers have more confidence today than we saw in the first half of the year,” says Ashley Smith, REBGV president. “With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”

There were 4,074 detached, attached and apartment homes newly listed for sale on the Multiple
Listing Service® (MLS®) in Metro Vancouver in October 2019. This represents a 16.4 per cent
decrease compared to the 4,873 homes listed in October 2018 and a 16.3 per cent decrease
compared to September 2019 when 4,866 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
12,236, a 5.8 per cent decrease compared to October 2018 (12,984) and a nine per cent decrease
compared to September 2019 (13,439).

For all property types, the sales-to-active listings ratio for October 2019 is 23.4 per cent. By
property type, the ratio is 17.3 per cent for detached homes, 26.2 per cent for townhomes, and 29
per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
per cent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 per cent over several months.

“The recent uptick in home sales is moving us into a more historically typical market,” Smith said. “Both sale and listing activity is trending around our long-term averages in recent months.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $992,900. This represents a 6.4 per cent decrease from October 2018, a 1.7 per cent decrease over the past six months, and a 0.2 per cent increase compared to
September 2019.

Sales of detached homes in October 2019 reached 938, a 47.3 per cent increase from the 637
detached sales recorded in October 2018. The benchmark price for a detached home is
$1,410,500. This represents a 7.5 per cent decrease from October 2018, a 1.3 per cent decrease
over the past six months, and a 0.3 per cent increase compared to September 2019.

Sales of apartment homes reached 1,384 in October 2019, a 40.5 per cent increase compared to
the 985 sales in October 2018. The benchmark price of an apartment home is $652,500. This
represents a 5.9 per cent decrease from October 2018, a 2.2 per cent decrease over the past six
months, and a 0.2 per cent increase compared to September 2019.

Attached home sales in October 2019 totalled 536, a 55.8 per cent increase compared to the 344
sales in October 2018. The benchmark price of an attached home is $771,600. This represents a
5.8 per cent decrease from October 2018, a 0.4 per cent decrease over the past six months, and a
0.5 per cent increase compared to September 2019.

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

 

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