Metro Vancouver home sales plunged 38.8% year-over-year in October, according to Real Estate Board of Greater Vancouver data released November 2.
A total of 2,233 homes were sold in the month, which was 15% below the 10-year average for October. It is also 0.9% less than the 2,253 homes sold in September, the first month in which home sales had slipped below the 10-year average since May 2014.
“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” said REBGV president Dan Morrison.
“Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”
The biggest drop was seen in detached home sales. Between October 2015 and October 2016, sales of this property type fell 55% from 1,437 units to 652. The number of attached homes sold fell 40%, from 666 units last year to 403, and apartment sales were down 24%, from 1,543 to 1,178 units.
Despite falling sales, benchmark prices increased year-over-year for all home types. The benchmark price for detached homes reached $1,545,800, up 28.9% in the 12 months to October. Prices were down 1.4% compared with September.
For attached properties, the average sale price reached $669,200, which is up 25.7% over the year but down 1.1% compared with September.
The benchmark price for apartments increased 20.5% year-over-year and 0.3% compared with September, reaching $512,300.