The Real Estate Board of Greater Vancouver (REBGV) reported a rise in home inventory for the month of September, as buyer demand remained quiet for the month.
Residential property sales in the REBGV region in September came in at 1,595, a 43.5 percent decrease from September 2017 sales, and 36.1 percent below the 10-year September sales average.
"Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market," Ashley Smith, REBGV president-elect said. "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."
There were 13,084 properties listed for sale on the MLS® System in Metro Vancouver in September 2018, a 38.2 percent increase compared to September 2017. Meanwhile, there were 508 detached property sales in September 2018, a 40.4 percent decrease from September 2017 sales, while the benchmark price for detached properties decreased by 4.5 percent from September 2017, to $1,540,900. Sales of apartment properties reached 812 in September 2018, a 44 percent decrease compared to September 2017 sales, as the benchmark price rose 6.7 percent to $687,300. Attached property sales in September 2018 dropped 46.9 percent to 275, while the benchmark price increased 6.4 percent to $837,600.
"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. "It's important for both home buyers and sellers to work with their Realtor to understand what these trends mean to them."
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