REBGV: Home sales in the Metro Vancouver housing market continue to outpace long-term averages for this time of year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,057 on the Multiple Listing Service® (MLS®) in October 2014. This represents a 14.9 percent increase compared to the 2,661 sales in October 2013, and a 4.6 percent increase over the 2,922 sales in September 2014.
Last month’s sales were 16.6 percent above the 10-year sales average for October.
“We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between four and eight percent depending on the property,” said REBGV president Ray Harris.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,487 in October. This represents a four percent increase compared to the 4,315 new listings in October 2013 and a 14.7 percent decline from the 5,259 new listings in September.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,851, a 9.2 percent decline compared to October 2013 and a 6.6 percent decrease compared to September 2014.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,000. This represents a six percent increase compared to October 2013.
“Detached homes continue to increase in price more than condominium and townhome properties. This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Harris said.
Sales of detached properties in October 2014 reached 1,271, an increase of 19.1 percent from the 1,067 detached sales recorded in October 2013, and a 60.9 percent increase from the 790 units sold in October 2012. The benchmark price for detached properties increased 7.9 percent from October 2013 to $995,100.
Sales of apartment properties reached 1,268 in October 2014, an increase of 15.5 percent compared to the 1,098 sales in October 2013, and a 57.9 percent increase compared to the 803 sales in October 2012. The benchmark price of an apartment property increased four percent from October 2013 to $380,200.
Attached property sales in October 2014 totalled 518, a 4.4 percent increase compared to the 496 sales in October 2013, and an 53.3 percent increase over the 338 attached properties sold in October 2012. The benchmark price of an attached unit increased 4.7 percent between October 2013 and 2014 to $479,500.