STATS!
Transcript: Home sales remained below historic averages in October while the supply of homes for sale has reached a four year high in Metro Vancouver's housing market. Well let's take a closer look, realtors registered 1966 home sales on the MLS in Metro Vancouver last month this is a 35 percent decline from the same period last year and is 27 percent below the 10-year October average the recent trend of fewer home sales is allowing home listings to accumulate and prices in our region to come down from the record-breaking high as we seen over the past 12 months for home buyers this means there's more choice in today's market for home sellers it means there's more competition for your listing there were about four thousand nine hundred listings newly added to the MLS in October bringing the total number of homes currently for sale to just under 13,000 this is the highest October total since 2014 home prices in our market are driven by supply and demand we measure this activity by taking the total inventory of homes for sale and comparing it to the number of sales each month we call this the sales to active listing ratio downward pressure on home prices can occur when this ratio dips below the 12% mark a hole prices can experience upward pressure when it surpasses 20% for sustained periods this ratio for all property types across Metro Vancouver today is 15% which is in balanced market territory this is the fourth month in a row we've seen a balanced market by property types we see detached homes are currently in a buyers market townhomes are in a balanced market and condos are on the cusp between a balanced and a seller's market prices for condos and townhouses are up in Metro Vancouver compared to one year ago but there's been downward pressure on all property types in recent months you can see here that since the spring home prices have edged down across all property types with the largest decrease in the detached home market followed by modest declines in the townhome and condo markets dynamics are shifting in Metro Vancouver's housing market it's important for home buyers and sellers to work with their local realtor to understand what these trends mean to them for further housing market information go to the news and statistics section of this website for the Real Estate Board agreed or Vancouver
home sales remained below historic
00:10
averages in October while the supply of
00:12
homes for sale has reached a four year
00:14
high in Metro Vancouver's housing market
00:17
well let's take a closer look
00:19
realtors registered 1966 home sales on
00:23
the MLS in Metro Vancouver last month
00:26
this is a 35 percent decline from the
00:29
same period last year and is 27 percent
00:31
below the 10-year October average the
00:37
recent trend of fewer home sales is
00:39
allowing home listings to accumulate and
00:41
prices in our region to come down from
00:44
the record-breaking high as we seen over
00:46
the past 12 months for homebuyers this
00:49
means there's more choice in today's
00:51
market for home sellers it means there's
00:53
more competition for your listing there
00:57
were about four thousand nine hundred
00:58
listings newly added to the MLS in
01:00
October bringing the total number of
01:03
homes currently for sale to just under
01:05
13,000 this is the highest October total
01:09
since 2014 home prices in our market are
01:13
driven by supply and demand we measure
01:16
this activity by taking the total
01:18
inventory of homes for sale and
01:20
comparing it to the number of sales each
01:22
month we call this the sales to active
01:25
listing ratio downward pressure on home
01:29
prices can occur when this ratio dips
01:31
below the 12% mark a hole prices can
01:34
experience upward pressure when it
01:36
surpasses 20% for sustained periods this
01:41
ratio for all property types across
01:43
Metro Vancouver today is 15% which is in
01:47
balanced market territory this is the
01:50
fourth month in a row we've seen a
01:52
balanced market
01:54
by property types we see detached homes
01:57
are currently in a buyers market
02:00
townhomes
02:01
are in a balanced market and condos are
02:03
on the cusp between a balanced and a
02:06
seller's market prices for condos and
02:09
townhouses are up in Metro Vancouver
02:11
compared to one year ago but there's
02:14
been downward pressure on all property
02:16
types in recent months you can see here
02:20
that since the spring home prices have
02:23
edged down across all property types
02:25
with the largest decrease in the
02:27
detached home market followed by modest
02:30
declines in the townhome and condo
02:33
markets dynamics are shifting in Metro
02:36
Vancouver's housing market it's
02:38
important for home buyers and sellers to
02:40
work with their local realtor to
02:42
understand what these trends mean to
02:44
them for further housing market
02:46
information go to the news and
02:48
statistics section of this website for
02:51
the Real Estate Board agreed or
02:52
Vancouver