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September may have been dismal for real estate sales, but October showed a slight improvement, reveal the latest statistics from the Real Estate Board of Greater Vancouver.
According to board statistics released on November 2, 1,966 home sales were sold in the Greater Vancouver Area in October 2018, a significant increase of 23.3% from the 1,595 residential sales in September.
October's transactions were 34.9% lower than in October 2017, which is certainly small, but not as serious as the 43.5% annual drop recorded in September.
Total resales last month were 26.8% lower than the 10-year average of October sales – a poor performance, but better than the 38.2% drop recorded the month before.
The somewhat improved sales activity also slightly reduced the number of units available for purchase, although this is likely mainly due to the decline in the number of sellers registering their homes in October.
In October, 4,873 homes were listed on the Metro Vancouver MLS list, up 7.4% from October 2017, but 7.7% lower than in September. As of October 31, the total number of dwellings offered for sale was 12,984, an increase of 42.1% from October 2017 and a 0.8% decrease from September of this year.
"The supply of homes for sale today is starting to return to levels we have not seen in our market for about four years," said Phil Moore, president of REBGV. "For home buyers, that means you have more choices to choose from. For sellers, this means that your home can face more competition, other listings, in the market.
The region remains in a balanced market for all types of goods combined, but the ratio of sales to active listings increased to 15% from 12.2% last month. This distances it from the balanced market territory of less than 12% to which it was previously moving.
As has been the case in recent months, single-detached homes in the region are already in a 10.3% buyer market, with more balanced markets for townhouses, now at 17.3% and condominiums at 20.6%. The active listing sales ratios for the three types of dwellings increased last month as condominiums moved closer to the edge of the balanced sellers market.
The composite reference price for all homes in Metro Vancouver is currently $ 1,062,100. This is 1% higher than in October 2017, but $ 8,500 lower than the September price and down 3.3% over the last three months.
"House prices have dropped three to five per cent, depending on the type of housing, in our area since June," said Moore. "This gives a slight relief to those looking to buy from the all-time highs we've seen in the past year."
Sales and prices by type of property and by region
Having been the hardest hit types of real estate in recent months, single-detached homes seem to have seen the most rebound in October, at least for now. There were 637 single-family home sales in the region last month, down 32.2% from October 2017 – the weakest decline for all three types of homes – and up 25.4 % compared to September, the largest increase.
However, single-family homes are still the only types of properties to display current benchmarks lower than those of a year ago. The price of a typical home in Metro Vancouver now stands at $ 1,524,000. This is down 5.1% from October 2017 and 3.9% over the last three months.
Once again, the areas of greatest decline in the single-detached sector are West Vancouver, where benchmark prices fell 10.9% year-over-year, and Vancouver West, 9.9%, although these two annual percentage decreases are less than one month. since. House prices in Maple Ridge, Whistler, Pitt Meadows, Sunshine Coast and Bowen Island are still higher than in the previous year – but no area was as expensive in October as the spring of this year. year.
In October 2018, townhouse sales such as townhouses, duplexes and townhomes were 344, down 37.5% from October 2017, but up 25 1% compared to September. The benchmark price of a terraced house now stands at $ 829,200, up 4.4% from October 2017 but down 2.8% from the last three months .
The two regions of Vancouver, East and West, were the only two to experience an annual decline in townhouse reference prices, down 2.6% year-over-year. All other areas under the jurisdiction of the REBGV recorded an annual increase in the value of attached homes, with Pitt Meadows at 15.3%, Port Moody at 11.7% and Burnaby East at 10.1%. The North and South Burnaby regions also recorded a sharp annual price increase of about 6%.
A total of 985 condos in Metro Vancouver were traded in October 2018, down 35.7% from the 1,532 sales recorded in October 2017 – 812 years. The reference price of an apartment building is $ 683,500. This represents an increase of 5.8% over October 2017 and a decrease of 3.1% since July.
In the Greater Vancouver area, with the exception of only one, condominium reference prices have skyrocketed, with New Westminster leading the pack with an increase of 13.4% and the three zones of Burnaby evolving around the regional trend of rising prices. West Vancouver was the only region where prices were 0.5% lower than those in October of last year.
House prices vary considerably in different regions of the region. To get a good idea of house prices in a specific location and by type of property, see the MLS® Detailed Home Price Index in all REBGV statistics.
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