{"id":1942,"date":"2019-11-05T22:49:05","date_gmt":"2019-11-05T22:49:05","guid":{"rendered":"http:\/\/www.chrisbrownrealestate.ca\/blog\/?p=1942"},"modified":"2019-11-14T20:08:33","modified_gmt":"2019-11-14T20:08:33","slug":"vancouver-home-sales-surge-45-in-october-to-top-10-year-average","status":"publish","type":"post","link":"https:\/\/www.chrisbrownrealestate.ca\/blog\/vancouver-home-sales-surge-45-in-october-to-top-10-year-average\/","title":{"rendered":"VANCOUVER HOME SALES SURGE 45% IN OCTOBER TO TOP 10-YEAR AVERAGE"},"content":{"rendered":"

\"\"
\nVANCOUVER, BC<\/strong> \u2013 November 4, 2019 \u2013 The Metro Vancouver* housing market is
\nexperiencing a fall pickup in home sale activity.<\/p>\n

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

Last month\u2019s sales were 9.8 per cent above the 10-year October sales average.<\/p>\n

\u201cHome buyers have more confidence today than we saw in the first half of the year,\u201d says Ashley <\/strong>Smith, REBGV president. \u201cWith prices edging down over the last year and interest rates <\/strong>remaining low, hopeful home buyers are becoming more active this fall.\u201d<\/strong><\/p>\n

There were 4,074 detached, attached and apartment homes newly listed for sale on the Multiple
\nListing Service\u00ae (MLS\u00ae) in Metro Vancouver in October 2019. This represents a 16.4 per cent
\ndecrease compared to the 4,873 homes listed in October 2018 and a 16.3 per cent decrease
\ncompared to September 2019 when 4,866 homes were listed.<\/p>\n

The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is
\n12,236, a 5.8 per cent decrease compared to October 2018 (12,984) and a nine per cent decrease
\ncompared to September 2019 (13,439).<\/p>\n

For all property types, the sales-to-active listings ratio for October 2019 is 23.4 per cent. By
\nproperty type, the ratio is 17.3 per cent for detached homes, 26.2 per cent for townhomes, and 29
\nper cent for apartments.<\/p>\n

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
\nper cent for a sustained period, while home prices often experience upward pressure when it
\nsurpasses 20 per cent over several months.<\/p>\n

\u201cThe recent uptick in home sales is moving us into a more historically typical market,\u201d Smith <\/strong>said. \u201cBoth sale and listing activity is trending around our long-term averages in recent months.\u201d <\/strong>The MLS\u00ae 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
\nSeptember 2019.<\/p>\n

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

Sales of apartment homes reached 1,384 in October 2019, a 40.5 per cent increase compared to
\nthe 985 sales in October 2018. The benchmark price of an apartment home is $652,500. This
\nrepresents a 5.9 per cent decrease from October 2018, a 2.2 per cent decrease over the past six
\nmonths, and a 0.2 per cent increase compared to September 2019.<\/p>\n

Attached home sales in October 2019 totalled 536, a 55.8 per cent increase compared to the 344
\nsales in October 2018. The benchmark price of an attached home is $771,600. This represents a
\n5.8 per cent decrease from October 2018, a 0.4 per cent decrease over the past six months, and a
\n0.5 per cent increase compared to September 2019.<\/p>\n

*Editor\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Metro Vancouver* housing market is
\nexperiencing a fall pickup in home sale activity.<\/p>\n

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
\nregion totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in
\nOctober 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.<\/p>\n","protected":false},"author":2,"featured_media":1851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[59,11,614],"tags":[247,320,92,415],"class_list":["post-1942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","category-rebgv","category-vancouver-real-estate","tag-chris-brown-real-estate","tag-market-update","tag-real-estate-board-of-greater-vancouver","tag-vpg-realty"],"_links":{"self":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/1942"}],"collection":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/comments?post=1942"}],"version-history":[{"count":3,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/1942\/revisions"}],"predecessor-version":[{"id":1956,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/1942\/revisions\/1956"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media\/1851"}],"wp:attachment":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media?parent=1942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/categories?post=1942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/tags?post=1942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}