September seems to be a Home Buyers market this year. According to the Real Estate Board of Greater Vancouver (REBGV), we’re looking at a drop of 43.5 percent in home sales (1,595 in September 2018) as compared to last year’s record of 2,821 sales.
Furthermore, comparing the region’s residential property sales against last month’s sales showed a 17.3 percent decline.
“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” said REBGV president-elect Ashley Smith. Evidently, listings are accumulating due to the decline in sales across the housing market. Smith believes in the importance of the combined effort between the home buyers,sellers and their respective realtors to be able to understand what these trends means to them and how it will affect their real estate investments
The Multiple Listing ServiceⓇ (MLSⓇ) recorded a total of 5,279 newly listed detached, attached and apartment properties which indicate a 1.8 percent decline compared to September 2017 (5,375 homes listed) and a 36 percent higher compared to August 2018 with 3,881 listed homes.
The total number of properties currently listed for sale in Metro Vancouver is 13,084, a 38.2 percent higher compared to September 2017 (9,466) and a 10.7 percent higher compared to August 2018 (11,824), the board says.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,070,600 which marks a 2.2 percent increase over September 2017 and a 3.1 percent decline over the last three months.
The benchmark price for a detached home is $1,540,900, which indicates a 4.5 percent decline from September 2017 and a 3.4 percent decline over the last three months.
The benchmark price of a condominium apartment property is $687,300, marking a 7.4 percent increase over the last year but a 3.1 percent decline in three months.
The benchmark price of an attached unit is $837,600 which represents a 6.4 percent increase from September last year, but a two percent decline in three months.
Editor’s Note: This Real Estate Market Report is based on the monthly statistical reports released by The Real Estate Board of Greater Vancouver (REBGV).