September 2016 saw Metro Vancouver home sales fall to 2,253, a 32.6 per cent drop compared to the 3,345 sales recorded in September 2015. These levels are also 9.5 per cent below August 2016’s 2,489 home sales, marking a 9.6 per cent decline from the 10-year sales average for the month.
“Supply and demand conditions differ today depending on property type,” said Dan Morrison, president of the Real Estate Board of Greater Vancouver (REBGV), in a press release. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”
There were a total of 4,799 new listings for detached, attached and apartment properties in Metro Vancouver in September 2016, a one per cent decline compared to the 4,846 units in September 2015 and an 11.8 per cent increase compared to August 2016, when there were 4,293 properties listed. The total number of homes currently listed for sale on Metro Vancouver’s MLS system is 9,354, which is 13.4 per cent less than September 2015’s 10,805 homes and 10 per cent higher than August 2016’s 8,506 homes.
The sales-to-active listings ratio for the month is 24.1 per cent, the lowest it has been since February 2015, indicating upward pressure is being exhibited on home prices.
“Changing market conditions are easing upward pressure on home prices in our region,” added Morrison. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result.”
The MLS Home Price Index composite benchmark price for all residential properties in the region is currently $931,900, a 28.9 per cent increase year-over-year and a 0.1 per cent drop compared to one month before.
There were 666 sales of detached properties in September 2016, a 47.6 per cent decline compared to the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400, which is 33.7 per cent higher compared to September 2015, and 0.1 per cent higher compared to August 2016.
Apartment property sales reached 1,218 in September 2016, a 20.3 per cent decline compared to the 1,529 sales in September 2015. The benchmark price of an apartment property increased 23.5 per cent year-over-year to $511,800, which is 0.5 per cent lower than in August 2016.
Attached property sales in September 2016 totalled 369, a 32.2 per cent decline compared to the 544 sales in September 2015. The benchmark price of an attached unit increased 29.1 per cent to $677,000, which is 0.1 per cent lower than in August 2016.