Listings Continue to Increase While Sales Plummet...

Home sale activity across Metro Vancouver* remained below long-term historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold.


Last month’s sales were 26.8 per cent below the 10-year October sales average.


“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.”


There were 4,873 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2018. This represents a 7.4 per cent increase compared to the 4,539 homes listed in October 2017 and a 7.7 per cent decrease compared to September 2018 when 5,279 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,984, a 42.1 per cent increase compared to October 2017 (9,137) and a 0.8 per cent decrease compared to September 2018 (13,084).


For all property types, the sales-to-active listings ratio for October 2018 is 15.1 per cent. By property type, the ratio is 10.3 per cent for detached homes, 17.3 per cent for townhomes, and 20.6 per cent for condominiums.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“Home prices have edged down between three and five per cent, depending on housing type, in our region since June,” said Moore. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”


The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,062,100. This represents a one per cent increase over October 2017 and a 3.3 per cent decrease over the last three months.


Sales of detached homes in October 2018 reached 637, a 32.2 per cent decrease from the 940 detached sales recorded in October 2017. The benchmark price for detached properties is $1,524,000. This represents a 5.1 per cent decrease from October 2017 and a 3.9 per cent decrease over the last three months.


Sales of apartments reached 985 in October 2018, a 35.7 per cent decrease compared to the 1,532 sales in October 2017. The benchmark price of an apartment property is $683,500. This represents a 5.8 per cent increase from October 2017 and a 3.1 per cent decrease over the last three months.


Attached homes sales in October 2018 totalled 344, a 37.5 per cent decrease compared to the 550 sales in October 2017. The benchmark price of an attached home is $829,200. This represents a 4.4 per cent increase from October 2017 and a 2.8 per cent decrease over the last three months.


courtesy of the Real Estate Board of Greater Vancouver

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Please visit our Open House at 115 4889 53 ST in Delta.
Open House on Saturday, October 27, 2018 2:30PM - 4:00PM
Welcome to Green Gables, a very sought out townhome complex within walking distance to Ladner Village and to the best schools of the area. Be the first to move into a freshly renovated, extra large 2 bedroom, 2 bathroom unit with a yard size patio, perfect for pets and kids. Updates include: new maple wood floors and mouldings, 2 new bathrooms, new kitchen with new appliances, new gas fireplace insert, California closets, crown mouldings and freshly painted throughout, to name a few. Park right in front of your home and store all your extra items in the huge walk-in storage room right next door. Call to view and move in anytime to enjoy living in this well maintained complex. OPEN Saturday, Oct 27th 2:30-4:00pm
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Please visit our Open House at 202 1959 2ND AVE W in Vancouver.
Open House on Wednesday, October 24, 2018 10:30AM - 12:00PM
Welcome to one of the nicest townhomes in Carmel Place, a well run boutique building, just 2 blocks from Kits beach and close to all the 4th Avenue shops.This extra large 2 bedroom, 2 bath home has had many updates and is attractive from the moment you walk in.The master bedroom fits a king size bed comfortably and the 2nd bedroom is perfect for kids, pets or for your guests. Love to cook? The spacious designer kitchen has ample room for 2 or 3 chefs, and is adjacent to a generous dining room, perfect for entertaining. The large living room is super comfortable with its cozy gas fireplace and lovely french doors inviting you onto a south facing patio area, just right for barbecuing. The property comes with one parking, one storage locker. OPEN Wednesday Oct 24th 10:30am-12pm
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Please visit our Open House at 4931 MACKENZIE ST in Vancouver.
Open House on Saturday, October 20, 2018 2:30PM - 4:00PM
A lovely modern row home nestled among the beautiful tree-lined streets of Mackenzie Heights. A stand out in the exclusive boutique collection of green gold built residences by Pantheon Development. Exquisite interior finishings include: Inform Italian Custom Cabinetry, wide plan engineered walnut flooring, wool carpeting, Chroma quartz counters, over-height ceilings & wood blind, window coverings, not to mention high end appliances such as Wolf & Blomberg. Designer floorplan has 3 bedrooms, 2 bathrooms (1 ensuite), an office, family room & 2 car private, gated garage (w/custom storage) & direct access to the suite. Welcome to a dream lifestyle amidst charming shops, transit & close to UBC & the best schools. OPEN Wednesday 17th 10:30-12pm and Saturday 20th 2:30-4pm. Welcome!
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I have listed a new property at 4931 MACKENZIE ST in Vancouver.
A lovely modern row home nestled among the beautiful tree-lined streets of Mackenzie Heights. A stand out in the exclusive boutique collection of green gold built residences by Pantheon Development. Exquisite interior finishings include: Inform Italian Custom Cabinetry, wide plan engineered walnut flooring, wool carpeting, Chroma quartz counters, over-height ceilings & wood blind, window coverings, not to mention high end appliances such as Wolf & Blomberg. Designer floorplan has 3 bedrooms, 2 bathrooms (1 ensuite), an office, family room & 2 car private, gated garage (w/custom storage) & direct access to the suite. Welcome to a dream lifestyle amidst charming shops, transit & close to UBC & the best schools. OPEN Wednesday 17th 10:30-12pm.
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Please visit our Open House at 4931 MACKENZIE ST in Vancouver.
Open House on Wednesday, October 17, 2018 10:30AM - 12:00PM
A lovely modern row home nestled among the beautiful tree-lined streets of Mackenzie Heights. A stand out in the exclusive boutique collection of green gold built residences by Pantheon Development. Exquisite interior finishings include: Inform Italian Custom Cabinetry, wide plan engineered walnut flooring, wool carpeting, Chroma quartz counters, over-height ceilings & wood blind, window coverings, not to mention high end appliances such as Wolf & Blomberg. Designer floorplan has 3 bedrooms, 2 bathrooms (1 ensuite), an office, family room & 2 car private, gated garage (w/custom storage) & direct access to the suite. Welcome to a dream lifestyle amidst charming shops, transit & close to UBC & the best schools. OPEN Wednesday 17th 10:30-12pm.
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Please visit our Open House at 115 4889 53 ST in Delta.
Open House on Saturday, October 13, 2018 2:30PM - 4:00PM
Welcome to Green Gables, a very sought out townhome complex within walking distance to Ladner Village and to the best schools of the area. Be the first to move into a freshly renovated, extra large 2 bedroom, 2 bathroom unit with a yard size patio, perfect for pets and kids. Updates include: new maple wood floors and mouldings, 2 new bathrooms, new kitchen with new appliances, new gas fireplace insert, California closets, crown mouldings and freshly painted throughout, to name a few. Park right in front of your home and store all your extra items in the huge walk-in storage room right next door. Move in anytime to enjoy living in this well maintained complex. Open house: Saturday, October 13th from 2:30-4:00pm.
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Please visit our Open House at 115 4889 53 ST in Delta.
Open House on Saturday, October 6, 2018 2:30PM - 4:00PM
Welcome to Green Gables, a very sought out townhome complex within walking distance to Ladner Village and to the best schools of the area. Be the first to move into a freshly renovated, extra large 2 bedroom, 2 bathroom unit with a yard size patio, perfect for pets and kids. Updates include: new maple wood floors and mouldings, 2 new bathrooms, new kitchen with new appliances, new gas fireplace insert, California closets, crown mouldings and freshly painted throughout, to name a few. Park right in front of your home and store all your extra items in the huge walk-in storage room right next door. Move in anytime to enjoy living in this well maintained complex. Open house: Saturday, October 6th from 2:30-4:00pm.
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Lots of Choices for Buyers

The supply of homes for sale continued to increase across the Metro Vancouver* housing market in September while home buyer demand remained below typical levels for this time of year.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold.


Last month’s sales were 36.1 per cent below the 10-year September sales average.


“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”


There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2018. This represents a 1.8 per cent decrease compared to the 5,375 homes listed in September 2017 and a 36 per cent increase compared to August 2018 when 3,881 homes were listed.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,084, a 38.2 per cent increase compared to September 2017 (9,466) and a 10.7 per cent increase compared to August 2018 (11,824).

For all property types, the sales-to-active listings ratio for September 2018 is 12.2 per cent. By property type, the ratio is 7.8 per cent for detached homes, 14 per cent for townhomes, and 17.6 per cent for condominiums.


Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said. “It’s important for both home buyers and sellers to work with their Realtor to understand what these trends means to them.”


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,070,600. This represents a 2.2 per cent increase over September 2017 and a 3.1 per cent decrease over the last three months.


Sales of detached properties in September 2018 reached 508, a 40.4 per cent decrease from the 852 detached sales recorded in September 2017. The benchmark price for detached properties is $1,540,900. This represents a 4.5 per cent decrease from September 2017 and a 3.4 per cent decrease over the last three months.


Sales of apartment properties reached 812 in September 2018, a 44 per cent decrease compared to the 1,451 sales in September 2017. The benchmark price of an apartment property is $687,300. This represents a 7.4 per cent increase from September 2017 and a 3.1 per cent decrease over the last three months.


Attached property sales in September 2018 totalled 275, a 46.9 per cent decrease compared to the 518 sales in September 2017. The benchmark price of an attached unit is $837,600. This represents a 6.4 per cent increase from September 2017 and a two per cent decrease over the last three months.


courtesy of the Real Estate Board of Greater Vancouver

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