Activity in the Vancouver region’s housing market remained robust through October, with the benchmark home price rising six percent to $1,045,100 and sales up 29 percent over the previous year.
There were 3,687 properties that changed hands last month, close to a record for the month of October, according to data published today by the Real Estate Board of Greater Vancouver (REBGV).
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October’s sales total was 34.7 percent above the 10-year average for the month and narrowly surpassed the 3,643 homes sold in September.
“Home has been a focus for [Vancouver region] residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation,” said REBGV President Colette Gerber.
“With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers,” Gerber said.
The detached home, townhome and condo market segments were all firmly in seller’s market territory, with an average sales-to-active listings ratio of 29.7 percent for October. REBGV says upward pressure on prices occurs when the ratio remains above 20 percent for several months.
While the month’s 5,571 new listings were up substantially from October 2019, they fell 13 percent compared to September.
This tightening on the supply side in a seller’s market meant that prices across all property types rose in October.
The benchmark price for a Vancouver region detached home rose 8.5 percent to $1,523,800 while the benchmark condo price increased 4.4 percent to $683,500. Meantime, townhomes saw their benchmark price climb to $813,000, up 5.4 percent from the previous year.
Both detached and townhome prices also climbed in October compared to the previous month while condo prices remained flat.