A steady decline in listings has continued month-to-month since spring’s record-breaking high, however, October took an even deeper dive with supply in the Metro Vancouver areas reaching levels not seen in three years.
Yet, as the market tightened in inventory, home sale activity remained strong and above historical averages with the Real Estate Board of Greater Vancouver (REBGV) reporting October’s residential home sales in the region totaled 3,494 – an active 11% increase over September sales (3,149) and only 5.2% lower than the same period last year (3,687). The REBGV announced that sales numbers for the month were up 22.4% on the 10-year October sales average, indicating that the region’s housing market is still hot property.
But these hot pockets – 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 – seem to be developing hotter price points too. Keith Stewart, a REBGV economist shares, “Home sale activity continues to outpace what’s typical for this time of year and the pool of homes available for sale is in decline. This dynamic between supply and demand is causing home prices to continue to edge up across the region.”
It’s no surprise that these areas remain highly desirable to home seekers near and far, so if you are considering listing your home for sale, we recommend talking to a local Stilhavn REALTOR® to further discuss this housing update and where the valuation of your property currently sits.
October’s Housing Market At A Glance
4,049 detached, attached and apartment properties across Metro Vancouver became newly listed for sale on the Multiple Listing Service® (MLS®) in October. Although new additions to the region’s housing supply, these numbers still took a considerable 27.3% dip compared to the 5,571 homes listed in the same month last year and were also down from 5,171 this past September (21.7%).
Stewart mentions, “Rising fixed mortgage rates should eventually help ease demand, but for now sales remain strong and buyers with rate holds will remain motivated to find a property for the rest of the year.”
Currently, the total number of homes for sale on MLS® sits at 8,034 – a 13% decrease from September’s numbers and a 35.3% decrease compared to October 2020.
October’s Sales-to-Active Listings Ratio and Composite Benchmark Price
For all property types, the sales-to-active listings ratio for October was 43.5%. For each category, their ratios are as follows:
Detached Homes – 33.6% Townhomes – 64.4% Apartments – 46.7%
Analysts comment that generally, downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
When it comes to all residential homes in Metro Vancouver, the MLS® Home Price Index composite benchmark price in October was $1,199,400. This figure represents a 14.7% increase over the same period in 2020 and a 1.1% rise from September this year.
Metro Vancouver Home Sales in October by Property Type
1,090 detached homes were sold during the month, compared to 1,335 in October 2020 (down 18.4%). The benchmark price for a detached home is $1,850,500, an increase of 20.5% from October last year and a 1.2% increase over last month.
603 attached homes went to new owners in October, 22.9% less than the 782 sales in the same month last year. The benchmark price of an attached home is $975,000, which represents a spike of 18.5% from October 2020 and a 1.2% increase compared to September this year.
1,801 apartments were sold in October, a 14.7% increase compared to the same month last year (1,570). The benchmark price of an apartment is $746,400 – up 9.5% from October 2020 and a 1.1% increase from last month.
Searching for Your New Havn?
Whether you’re a first-home buyer, looking to downsize or simply looking to relocate, reach out to an experienced Stilhavn REALTOR® to guide you through the steps and help you understand the current market. They can not only explain these market figures in more detail but also offer their in-depth knowledge about a particular area, which properties might best fit your situation and preferences, as well as answer any questions or concerns you may have. We’re here to help #findyourhavn.