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
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. Click here for the updated report.
*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.