Amid warnings of an impending bubble burst, Vancouver and its surrounding markets have experienced a sharp decline in home sales in September, according to latest data from the Greater Vancouver Real Estate Board.
The Board stated that sales activity in the Greater Vancouver region fell by more than 40% on a year-over-year basis last month, and by 17.3% when compared to August 2018 numbers.
Metro Vancouver contributed to much of the shrinkage with a 43.5% fall, representing 1,595 transactions (from last year’s 2,821). Last month’s volume was 36% lower than the market’s 10-year sales average for September.
As for supply, total listings in Metro Vancouver stood at 13,084, which was 38.2% higher compared to September last year and 10.7% higher from August this year.
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Detached homes in the region were valued at a benchmark level of $1,540,900. This was a 3.4% shrinkage over the most recent quarter, and 4.5% lower compared to September 2017.
For condo apartment units, the benchmark price stood at $687,300, which was a 3.1% slide over the past quarter, but still 7.4% higher than the same time last year.
Greater Vancouver townhomes fell by 2% over the last 3 months, but increased by 6.4% year-over-year to reach $837,600.
“There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven't seen in our market in four years,” Board president-elect Ashley Smith told The Canadian Press.
“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.”