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 1% since October 2017, but down 3.3% over the last three months.

Sales of all types of homes — detached, town homes and condos — in October fell 34.9% compared with the same month last year, dropping 26.8% below the 10-year October sales average.

Meanwhile, nearly 4,900 new properties were listed for sale last month, up 7.4% compared with October last year.

Nearly 13,000 homes are listed in Metro Vancouver or 42.1% 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% in October compared with the same month last year, while the benchmark price fell to $1,524,000 marking a 5.1% drop year-over-year and 3.9% fall over the last three months.

Sales of town homes declined 37.5% and condos fell 35.7% year-over-year. The benchmark price for town homes rose 4.4% from last year to $829,200, while condo prices jumped 5.8% to $683,500. Over the past three months, town home prices fell 2.8% 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.