Sales of homes in Metro Vancouver remained well-below long-term norms in September.
The Real Estate Board of Greater Vancouver reported sales of 1,595 homes in the month, down 43.5% from a year earlier, 17.3% below August 2018 levels, and 36.1% below the 10-year average for September.
Lower demand has allowed inventory to build with 13,084 homes available on the MLS for Metro Vancouver, a 38.2% increase year-over-year and a 10.7% increase month-over-month.
There were 5,279 detached, attached, and apartment newly-listed properties in September; 1.8% down year-over-year but a 36% jump from August.
“Since spring, home listing totals have risen to levels we haven’t seen in our market in four years,” said Ashley Smith, REBGV president-elect.
“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,” Smith said.
Market by property type
Sales of detached properties in September 2018 reached 508, a 40.4% decrease year-over-year. The benchmark price for detached properties is $1,540,900, down 4.5% y-o-y and a 3.4% decrease over the last three months.
Sales of apartment properties reached 812, a 44% decrease y-o-y. The benchmark price of an apartment property is $687,300, down 7.4% y-o-y and a 3.1% decrease over the last three months.
Attached property totalled 275, a 46.9% cent decrease compared to September 2017. The benchmark price of an attached unit is $837,600, down 6.4% y-o-y and a 2% decrease over the last three months.