September 2019 Market Update
Vancouver Real Estate
INCREASED DEMAND HELPS HOUSING MARKET
REACH BALANCED TERRITORY
Home buyer demand has increased to more historically typical levels in Metro Vancouver over the last 3 months.
Sales in Greater Vancouver totalled 2,333 in September 2019, a 46.3% increase from the 1,595 sales recorded in September 2018, and a 4.6% increase from the 2,231 homes sold in August 2019.
Last month’s sales were 1.7% below the 10-year September sales average.
“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year. Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.” Ashley Smith, REBGV president said.
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 13,439, a 2.7% increase compared to September 2018 (13,084) and a 0.3% increase compared to August 2019 (13,396).
For all property types, the sales-to-active listings ratio for September 2019 is 17.4%. By property type, the ratio is 12.7% for detached homes, 18.9% for townhomes, and 21.9% for apartments.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $990,600. This represents an 7.3% decrease over September 2018 and a 0.3% decrease compared to August 2019.
Metro Vancouver: Breaking It Down By Housing Type
DETACHED HOMES
Sales of Detached properties in September 2019 reached 755, a 47.5% increase from September 2018. The benchmark price for detached properties is $1,406,200. This represents an 8.6% decrease from September 2018.
TOWNHOMES
Sales of Townhomes in September 2019 reached 355, a 41.4% increase from September 2018. The benchmark price for Townhomes is $767,500. This represents a 7.2% decrease from September 2018.
CONDOS
Sales of Condos in September 2019 reached 1,168, a 43.3% increase from September 2018. The benchmark price for condo properties is $651,500. This represents a 6.5% decrease from September 2018.
