Reduced home sale and listing activity are changing market dynamics in communities across Metro Vancouver*.<\/p>\n
Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold.<\/p>\n
Last month\u2019s sales were 15 per cent below the 10-year October sales average.<\/p>\n
\u201cChanging market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,\u201d Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. \u201cPotential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.\u201d<\/p>\n
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,981 in October 2016. This represents a decrease of 3.5 per cent compared to the 4,126 units listed in October 2015 and a 17 per cent decrease compared to September 2016 when 4,799 properties were listed.<\/p>\n
Last month\u2019s new listing count was 9.5 per cent below the region\u2019s 10-year new listing average for the month.<\/p>\n
The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 9,143, a 4.5 per cent decrease compared to October 2015 (9,569) and a 2.3 per cent decrease compared to September 2016 (9,354).<\/p>\n
The sales-to-active listings ratio for October 2016 is 24.4 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.<\/p>\n
\u201cWhile sales are down across the different property types, it\u2019s the detached market that\u2019s seen the largest reduction in home buyer demand in recent months,\u201d Morrison said. \u201cIt\u2019s important to work with your local REALTOR\u00ae to help you navigate today\u2019s changing trends.\u201d<\/p>\n
The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8 per cent increase compared to October 2015 and a 0.8 per cent decline compared to September 2016.<\/p>\n
Sales of detached properties in October 2016 reached 652, a decrease of 54.6 per cent from the 1,437 detached sales recorded in October 2015. The benchmark price for detached properties is $1,545,800. This represents a 28.9 per cent increase compared to October 2015 and a 1.4 per cent decrease compared to September 2016.<\/p>\n
Sales of apartment properties reached 1,178 in October 2016, a decrease of 23.7 per cent compared to the 1,543 sales in October 2015.The benchmark price of an apartment property is $512,300. This represents a 20.5 per cent increase compared to October 2015 and a 0.3 per cent increase compared to September 2016.<\/p>\n
Attached property sales in October 2016 totalled 403, a decrease of 39.5 per cent compared to the 666 sales in October 2015. The benchmark price of an attached unit is $669,200. This represents a 25.7 per cent increase compared to October 2015 and a 1.1 per cent decrease compared to September 2016.<\/p>\n
*As written and provided by the REBGV November 02, 2016<\/p>\n","protected":false},"excerpt":{"rendered":"
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