Some 3,345 homes changed hands across Metro Vancouver’s resale housing market last month, representing a 14.5 per cent increase compared to the 2,922 sales recorded in September 2014. According to the Real Estate Board of Greater Vancouver (REBGV), September 2015 sales were 32.9 per cent above the 10-year average for the month.
“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,” said REBGV president Darcy McLeod in a statement. “It’s this dynamic that’s placing upward pressure on home prices, particularly in the detached home market.”
And yes indeed prices also climbed higher in September. The benchmark home price for all property types in the region ended the month at $722,300, up 13.7 per cent year-over-year. Here’s what the 12-month trajectories look like for each housing type.
Metro Vancouver buyers compete for fewer listings
New home listings in Metro Vancouver totaled 4,846 in September 2015, a 7.9 per cent decline compared to the 5,259 new listings reported during the same month a year ago. The total number of properties listed for sale on the real estate board’s MLS is 10,805, a 27 per cent decline compared to September 2014 and a 0.8 per cent decline compared to August 2015.
“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.
For more, the complete September statistics package can be seen here.
