Metro Vancouver real estate continues to be very strong:
- October home sales saw 29 per cent increase compared to a year ago, making it the second-best October on record. According to The Real Estate Board of Greater Vancouver (REBGV), its agents sold 3,687 homes last month, up from 2,858 sold in October 2019.
- The REBGV says sales were 34.7 per cent above the 10-year average for October.
- Benchmark price for Vancouver homes reached $1,045,100 in October, up six per cent from October 2019 and 0.4 per cent from September.
The all-important sales-to-active listings ratio continues to beat record:
- October’s ratio continues to be climb at 29.7% (compared to 27.8% in Sep. and 23.8% in Aug.) This means the market remains to be a strong seller’s market.
- A ratio below 12% typically indicates that the market is a buyer’s market.
- A ratio above 20% indicates that the market is a seller’s market, where home prices are .
- October’s sales-to-active listings ratio for different home types:
- Detached homes: 30.9%
- Townhomes: 43.5%
- Condos: 24.9%
- Notably, the strong ratio (43.5%) for attached homes (townhomes) gives an indication that buyers are now looking for more living and separation spaces in their homes, as people are spending more time at home during the COVID pandemic.
*Images/numbers from REBGV report.