Metro Vancouver home sales reached typical historical levels in October with the majority of those sales concentrated in the townhouse and
condominium markets. Let's take a closer look at October activity realtors registered approximately 3000 sales on the region's MLS last month a double-digit increase over last year and above the 10-year October sales average. The supply of homes for sale continues to vary based on property type. The detached home market is well supplied with home listings today which is relieving pressure on prices the opposite is true in the townhouse and condo markets buyers for these properties continue to have limited supply to choose from and are seeing upward pressure on prices. To better understand the balance between supply and demand we look to the sales to active listing
ratio: downward pressure on home prices can occur when the ratio dips below the 12% mark for a sustained period, while home prices experience upward pressure when it surpasses 20% over several months. Today's ratio across all housing types shows that Metro Vancouver's housing market continues to be in a seller's market territory. Broken down by property type we see that detached homes are in a clearly balanced market while condos and townhomes remain in a clear seller's market. Home prices reflect this varied demand single-family homes have increased 4% over the last year while condos and townhomes have both seen double-digit gains since October 2016. If you're looking to enter the market today as either a buyer or seller it's important to work with your local realtor to best understand these trends and to get the most up-to-date market statistics and insights. For further housing and market information go to the news and statistics section of this website for the Real Estate Board of Greater Vancouver. (www.rebgv.org)
Metro Vancouver home sales reached typical historical levels in October with the majority of those sales concentrated in the townhouse and
condominium markets. Let's take a closer look at October activity realtors registered approximately 3000 sales on the region's MLS last month a double-digit increase over last year and above the 10-year October sales average. The supply of homes for sale continues to vary based on property type. The detached home market is well supplied with home listings today which is relieving pressure on prices the opposite is true in the townhouse and condo markets buyers for these properties continue to have limited supply to choose from and are seeing upward pressure on prices. To better understand the balance between supply and demand we look to the sales to active listing
ratio: downward pressure on home prices can occur when the ratio dips below the 12% mark for a sustained period, while home prices experience upward pressure when it surpasses 20% over several months. Today's ratio across all housing types shows that Metro Vancouver's housing market continues to be in a seller's market territory. Broken down by property type we see that detached homes are in a clearly balanced market while condos and townhomes remain in a clear seller's market. Home prices reflect this varied demand single-family homes have increased 4% over the last year while condos and townhomes have both seen double-digit gains since October 2016. If
you're looking to enter the market today as either a buyer or seller it's important to work with your local realtor to best understand these trends and to get the most up-to-date market statistics and insights. For further housing and market information go to the news and statistics section of this website for the Real Estate Board of Greater Vancouver. (www.rebgv.org)