Spike in supply offering homebuyers some relief
The Real Estate Board of Greater Vancouver said home supply is rising and reaching levels not seen in four years, even as the average price inches up.
The board said its calculated composite benchmark price for all homes was $1,062,100 in October, up one per cent since October 2017, but down 3.3 per cent in the last three months.
Sales of all types of homes — detached, townhomes and condos — fell 34.9 per cent in October compared with the same month last year, dropping 26.8 per cent below the 10-year sales average for October.
Nearly 4,900 new residences were listed for sale last month, up 7.4 per cent compared with October last year. Nearly 13,000 homes are listed in Metro Vancouver or 42.1 per cent more than in October 2017. Board president Phil Moore said the additional supply gives home buyers more choice and sellers more competition.
Sales of detached homes fell 32.2 per cent in October compared with the same month last year, while the benchmark price fell to $1,524,000, marking a 5.1 per cent drop year over year and a 3.9 per cent fall in the last three months.
Sales of townhomes declined 37.5 per cent and condos fell 35.7 per cent year over year.
The benchmark price for townhomes rose 4.4 per cent from last year to $829,200, while condo prices jumped 5.8 per cent to $683,500. Over the last three months, townhome prices fell 2.8 per cent and condo prices dropped 3.1 per cent.
The three-month price drop “is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year,” said Moore.