The Vancouver-area housing market once again posted double-digit home price and sales gains last month.
According to the latest data from the Real Estate Board of Greater Vancouver (REBGV), the composite benchmark home price in the region was $736,000 in October, up 15.3 per cent from the same month a year ago. Broken down by property type, the benchmark price of a single-family home climbed 20.1 per cent year-over-year to end the month at $1,197,600, townhome prices rose 9.3 per cent to $526,700, and condo values jumped 11.4 per cent to $425,800. Here’s the 12-month trajectory for each property type.
Sales up, inventory down
Some 3,646 homes changed hands across the region’s Multiple Listing Service (MLS) in October, representing a 19.3 per cent increase compared to the 3,057 sales recorded in October 2014. Indeed, in the past 12 months, there hasn’t been a single year-over-year home sales decline.
“Home sales are more than one-third above what’s typical for this time of year [36.2 per cent above the 10-year sales average for October] yet the supply of homes for sale is the lowest we’ve seen in five years,” said REBGV president Darcy McLeod in a release. “This activity has created favourable market conditions for anyone considering selling their home.”
New home listings in Metro Vancouver totaled 4,126 in October, an eight per cent decline compared to the 4,487 new listings reported in October 2014.
The total number of properties listed for sale on the real estate board’s MLS is 9,569, a 30 per cent decline compared to October 2014 and an 11.4 per cent decline compared to September 2015. This is the lowest active listing total in Metro Vancouver since December 2010.
More highlights from the report
- The benchmark price of a single-family home on the West Side of Vancouver proper hit $2,773,000 in October, up 20.1% from a year earlier.
- The benchmark price of a single-family home on the East Side of Vancouver proper ended the month at $1,175,400, up 23.3% compared to October 2014.
- For the condo segment, Whistler’s 14.3% year-over-year price gain was the largest in October. The benchmark price of a condo in the resort town is now $292,800.
- Tsawwassen posted the largest price increase for the townhome segment in the region — with the benchmark price climbing 12.6% to end the month at $504,700.
- No property segment in any Greater Vancouver area experienced a year-over-year price decline in October.
For more, the complete REBGV statistics package can be seen here.