Home Supply Surges

The Real Estate Board of Greater Vancouver (REBGV) announced that as home sales activity across Metro Vancouver remained below long-term averages in October, the number of homes available for sale continued to rise.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,984, a 42.1 percent increase compared to October 2017, which offered 9,137 homes for sale.

"The supply of homes for sale today is beginning to return to levels that we haven't seen in our market in about four years," Phil Moore, REBGV president said. "For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace."

Sales of detached homes in October 2018 reached 637, a 32.2 percent drop from the 940 detached sales recorded in October 2017. The benchmark price for detached properties is $1,524,000, a 5.1 percent decrease from October 2017.

Sales of apartments reached 985 in October 2018, down 35.7 percent compared to the 1,532 sales in October 2017, while the benchmark price rose 5.8 percent from the same month last year, to $683,500.

There were 344 attached home sales in October 2018, a 37.5 percent decrease from October 2017 sales. The benchmark price of an attached home rose 4.4 percent, however, to $829,200.

Thinking of making a move in 2019? Please call today for the latest local market activity and pricing. In the meantime, please enjoy a safe and happy holiday season!