Photo: DSLr Book/Flickr
Metro Vancouver’s resale housing market continued cooling in October as inventory hit its highest level in about four years, according to the Real Estate Board of Greater Vancouver (REBGV).
Some 1,966 homes changed hands across the region this October, down 34.9 percent from the same time last year but up 23.3 percent from a month prior. Residential transactions fell 26.7 percent short of the decade-long average for the month.
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Meantime, potential sellers listed 4,873 homes for sale last month. That’s up 7 percent from a year ago and represents a decrease of 7.7 percent compared to September. At the month’s end, there were 12,984 homes listed for sale in Metro Vancouver, an increase of 42.1 percent compared to the same time last year.
Heightened supply and slowing sales have had an impact on pricing. In the past three months, prices have fallen 3.3 percent.
“This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year,” says Phil Moore, president of REBGV, in a statement.
The benchmark price of a Metro Vancouver home, including condos, was $1,062,100, up 1 percent from last year.
The detached segment has struggled the most as the benchmark price of $1,524,000 was down 5.1 percent compared to where it stood 12 months earlier.
Condo prices have been more resilient. Although they are down 3.1 percent over the past few months, the benchmark remains up 5.8 percent over October 2017.