Metro Vancouver September, 2019  Housing Report

Home buyer demand has returned to more historically typical levels in Metro Vancouver* over the last three months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,333 in September 2019, a 46.3% compared to September 2018. Last month’s sales were 1.7% below the 10 years average.

The Metro Vancouver market were more balanced over the past 3 months compared to a similar period a year ago. Both townhouses and condos were seeign more buying activities.

Current Listings

- There were 4,866 total new listings (detached, attached and apartment) for the month - decline of 7.8% compared to a year ago.
- This epresented a 29.9% increase compared to August 2019.
- The toal numbr of homes listed for sale on the MLS® system in Metro Vancouver is 13,439.
- The sales-to-active listings ratio for all the properties combined was at 17.4%. By property type, the ratio was 12.7 % for detached homes, 18.9% for townhomes, and 21.9% for apartments.

Sales-toactive Listings Ratio

Detached homes12.7%

Townhomes18.9%
Condominiums21.9%
Total 17.4 %

Generally, over several months, downward pressure on home prices happens when the ratio dips below 12%, while at 20% or more, home prices often experience upward pressure.

MLS® Benchmark Home Price

- All residential homes in Metro Vancouver at $990,600 was 7.3% decline year-ovr-year.
- Detached home at $1,406,200 was 8.6% .
- Townhouses at $767,500 was 7.2% decline year-ovr-year
- Apartment property at $651,500 was 6.5 decline year-ovr-year

Note: Metro Vancouver Areas covered by the REBGV include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.