The market is steadily moving towards more balanced conditions
Amid falling prices, Vancouver’s home sales activity enjoyed a massive 46.3% year-over-year gain in September, according to the Real Estate Board of Greater Vancouver.
The market saw 2,333 homes getting sold in September, a sharp rise from the 1,595 sales during the same time last year.
Last month’s activity level ended up just 1.7% lower than the 10-year average for September.
REBGV added that the market is moving towards more balanced conditions. In terms of supply, a total of 4,866 homes were newly listed last month, representing a 29.9% increase compared to August, and a 7.8% annual decrease.
These trends accompanied overall lower prices. The composite benchmark price across all housing types in Metro Vancouver shrunk by 7.3% annually and 0.3% monthly in September, to end up at $990,600.
Single detached housing saw its benchmark price drop by 8.6% year-over-year, while condos had a 6.5% decrease. Attached home prices went down 7.2%.
Over the past few months, Vancouver prices have suffered declines while much of Canada has gone up.
The Teranet – National Bank of Canada House Price Index released last month showed that Vancouver’s average housing price (across all asset classes) fell by 6.63% year-over-year in August, bringing composite prices down by 6.96% from the peak seen in July 2018.
“The city’s index has shown negative growth every month this year,” Better Dwelling stated in its analysis of the data – an observation that has been mirrored in another study.
“In recent months, home prices have generally been stabilizing in British Columbia and the Prairies, a measure which had been falling until recently,” the CREA noted recently.
