Metro Vancouver home buyers continue to compete for fewer listings
Conditions continue to favour home sellers across Metro Vancouver’s housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver on the Multiple Listing Service® (MLS®) in September 2015 saw a 14.5% increase compared to sales recorded in September 2014.
“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 sales-to-active-listings ratio in September was 31%. 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 per cent, or higher, in a particular community for a sustained period of time.
- The benchmark price for a detached property in Metro Vancouver increased 18.9% from September 2014 to $1,179,700.
- The benchmark price of an apartment property increased 9% from September 2014 to $415,100.
- The benchmark price of an attached unit increased 8.1% between September 2014 and 2015 to $518,600.
– See more at: http://www.rebgv.org