October 2019 Market Update
Vancouver Real Estate
HOME BUYER ACTIVITY INCREASES IN OCTOBER
The Metro Vancouver housing market is experiencing a fall pickup in home sale activity.
Sales in Greater Vancouver totalled 2,858 in October 2019, a 45.4% increase from the 1,966 sales recorded in October 2018, and a 22.5% increase from the 2,333 homes sold in September 2019.
Last month’s sales were 9.8% below the 10-year October sales average.
“Home buyers have more confidence today than we saw in the first half of the year,” Ashley Smith, REBGV president said. ”With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 12,236, a 5.8% decrease compared to October 2018 (12,984) and a 9% decrease compared to September 2019 (13,439).
For all property types, the sales-to-active listings ratio for October 2019 is 23.4%. By property type, the ratio is 17.3% for detached homes, 26.2% for townhomes, and 29% for apartments.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $992,900. This represents an 6.4% decrease from October 2018 and a 1.7% decrease over the past 6 months, and a 0.2% increase compared to Septmeber 2019.
Metro Vancouver: Breaking It Down By Housing Type
DETACHED HOMES
Sales of Detached properties in October 2019 reached 945, a 47.9% increase from October 2018. The benchmark price for detached properties is $1,410,500. This represents an 7.5% decrease from October 2018.
TOWNHOMES
Sales of Townhomes in October 2019 reached 465, a 49.5% increase from October 2018. The benchmark price for Townhomes is $771,600. This represents a 5.8% decrease from October 2018.
CONDOS
Sales of Condos in October 2019 reached 1,386, a 41% increase from October 2018. The benchmark price for condo properties is $652,500. This represents a 5.9% decrease from October 2018.
