The Metro Vancouver housing market is experiencing a fall pickup in home sale activity.<\/p>\n\n\n\n
The Real\nEstate Board of Greater Vancouver (REBGV) reports that residential home sales\nin the region totalled 2,858 in October 2019, a 45.4 per cent increase from the\n1,966 sales recorded in October 2018, and a 22.5 per cent increase from the\n2,333 homes sold in September 2019.<\/p>\n\n\n\n
Last\nmonth\u2019s sales were 9.8 per cent above the 10-year October sales average.<\/p>\n\n\n\n
\u201cHome\nbuyers have more confidence today than we saw in the first half of the year,\u201d\nsays Ashley Smith, REBGV president. \u201cWith prices edging down over the last year\nand interest rates remaining low, hopeful home buyers are becoming more active\nthis fall.\u201d<\/p>\n\n\n\n
There\nwere 4,074 detached, attached and apartment homes newly listed for sale on the\nMultiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in October 2019. This\nrepresents a 16.4 per cent decrease compared to the 4,873 homes listed in\nOctober 2018 and a 16.3 per cent decrease compared to September 2019 when 4,866\nhomes were listed.<\/p>\n\n\n\n
The total\nnumber of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver\nis 12,236, a 5.8 per cent decrease compared to October 2018 (12,984) and a nine\nper cent decrease compared to September 2019 (13,439).<\/p>\n\n\n\n
For all\nproperty types, the sales-to-active listings ratio for October 2019 is 23.4 per\ncent. By property type, the ratio is 17.3 per cent for detached homes, 26.2 per\ncent for townhomes, and 29 per cent for apartments.<\/p>\n\n\n\n
Generally,\nanalysts say downward pressure on home prices occurs when the ratio dips below\n12 per cent for a sustained period, while home prices often experience upward\npressure when it surpasses 20 per cent over several months.<\/p>\n\n\n\n
\u201cThe\nrecent uptick in home sales is moving us into a more historically typical\nmarket,\u201d Smith said. \u201cBoth sale and listing activity is trending around our\nlong-term averages in recent months.\u201d<\/p>\n\n\n\n
The MLS\u00ae\nHome Price Index composite benchmark price for all residential properties in\nMetro Vancouver is currently $992,900. This represents a 6.4 per cent decrease\nfrom October 2018, a 1.7 per cent decrease over the past six months, and a 0.2\nper cent increase compared to September 2019.<\/p>\n\n\n\n
Sales of\ndetached homes in October 2019 reached 938, a 47.3 per cent increase from the\n637 detached sales recorded in October 2018. The benchmark price for a detached\nhome is $1,410,500. This represents a 7.5 per cent decrease from October 2018,\na 1.3 per cent decrease over the past six months, and a 0.3 per cent increase\ncompared to September 2019.<\/p>\n\n\n\n
Sales of\napartment homes reached 1,384 in October 2019, a 40.5 per cent increase\ncompared to the 985 sales in October 2018. The benchmark price of an apartment\nhome is $652,500. This represents a 5.9 per cent decrease from October 2018, a\n2.2 per cent decrease over the past six months, and a 0.2 per cent increase\ncompared to September 2019.<\/p>\n\n\n\n
Attached\nhome sales in October 2019 totalled 536, a 55.8 per cent increase compared to\nthe 344 sales in October 2018. The benchmark price of an attached home is\n$771,600. This represents a 5.8 per cent decrease from October 2018, a 0.4 per\ncent decrease over the past six months, and a 0.5 per cent increase compared to\nSeptember 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18,73],"tags":[206,124,138,230,155,137,4,195,3],"_links":{"self":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/853"}],"collection":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/comments?post=853"}],"version-history":[{"count":2,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/853\/revisions"}],"predecessor-version":[{"id":857,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/853\/revisions\/857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media\/856"}],"wp:attachment":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media?parent=853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/categories?post=853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/tags?post=853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}