Conditions Continue to Favour Home Sellers Across Metro Vancouver’s Housing Market

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The Real Estate Board of Metro Vancouver has recently reported that residential property sales in Metro Vancouver reached 3,345 on the MLS in September 2015. This represents a 14.5% increase compared to the sale recorded in September 2014. When comparing last month’s sales to the 10 year sales average it was a staggering 32.9 percent higher.

“Residential home sales have been trending at 25 to 30 per cent above the ten-year sales average for most of the year. The number of homes listed for sale hasn’t been keeping up with the demand,” Darcy McLeod, REBGV president said. “It’s this dynamic that’s placing upward pressure on home prices, particularly in the detached home market.”

The total new listings across all residential property types in Metro Vancouver during September 2015 was 4,846, which is a decline of 7.9% compared to the new listings in September 2014.

The total number of properties listed for sale on the Real Estate Boards MLS® is 10,805, which is a 27% decline compared to September 2014.

“At no point this year has the number of homes listed for sale exceeded 14,000, which is the first time this has occurred in the region since 2007,” McLeod said.

The MLS® Home Price Index composite benchmark price in Metro Vancouver for all residential properties is currently $722,300, which is an increase of 13.7% compared to September 2014.

The sales-to-active-listings ratio in September was 31 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12% mark, while home prices often experience upward pressure when it reaches 20%, or higher, in a particular community for a sustained period of time.

Sales of detached properties in September 2015 reached 1,272, an increase of 0.2% compared to the 1,270 detached sales recorded in September 2014. The benchmark price for a detached property in Metro Vancouver is now $1,179,700, which is an increase of 18.9% compared to September 2014.

Sales of apartment properties reached 1,529 in September 2015, which is an increase of 28.7% compared to September 2014. The benchmark price of an apartment property increased 9% from September 2014 to $415,100.

Attached property sales in September 2015 reached 544, an increase of 17.2% compared to September 2014. The benchmark price of an attached unit increased 8.1 per cent between September 2014 and 2015 to $518,600.

(Source: Real Estate Board of Greater Vancouver October 2015)

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