September home sales across Metro Vancouver fell to 36.1% below the 10-year average for the month, according to Real Estate Board of Greater Vancouver (REBGV) data released October 2, as demand remained low and supply continued to increase.
Across the region, a total of 1,595 homes changed ownership last month, which is a 43.5% drop compared to the 2,821 sales in the same month last year,. It is down 17.3% compared with August.
Meanwhile, supply has jumped across the region; the total number of listings was 13,084 in September, which is up more than 38% compared with last year.
“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market, said Ashley Smith, president-elect of REBGV. “There’s more selection for homebuyers to choose from today.
“Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”
Benchmark prices for all residential property types increased 2.2% year-over-year to $1,070,000.
Sales of detached properties fell 40.4% over the year, reaching 508. The benchmark price fell 4.5% over the same period to $1,540,000. Apartment sales fell 44% compared with September 2017, reaching 1,451, and the benchmark price for this property type dipped 4.7% to $687,300. Attached property sales fell 46.9% to 275 and the benchmark price bucked the trend and increased 6.4%, reaching $837,600.
REBGV data includes sales and prices for Vancouver, West Vancouver, North Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Richmond, Port Moody, the Sunshine Coast, Whistler, Squamish, Pitt Meadows, Maple Ridge and South Delta. It does not include Langley or Surrey.