The Real Estate Board of Greater Vancouver says home supply is rising and reaching levels not seen in roughly four years, even as the average price inches up year-over-year.
The board says the composite benchmark price for all homes was $1,062,100 in October — up one per cent since October 2017, but down 3.3 per cent over the last three months.
Sales of all types of homes — detached, townhomes and condos — in October fell 34.9 per cent compared with the same month last year, dropping 26.8 per cent below the 10-year October sales average.
Meanwhile, nearly 4,900 new properties were listed for sale last month, up 7.4 per cent compared with October last year.
Nearly 13,000 homes are listed in Metro Vancouver or 42.1 per cent more than in October 2017.
Board president Phil Moore says the additional supply gives home buyers more choice and home sellers more competition.
Detached home sales fell 32.2 per cent in October compared with the same month last year, while the benchmark price fell to $1,524,000 marking a 5.1 per cent drop year-over-year and 3.9 per cent fall over the last three months.
Sales of townhomes declined 37.5 per cent and condos fell 35.7 per cent year-over-year. The benchmark price for townhomes rose 4.4 per cent from last year to $829,200, while condo prices jumped 5.8 per cent to $683,500. Over the past three months, townhome prices fell 2.8 per cent and condo prices dropped 3.1.
The three-month price drop “is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year,” says Moore.