Recent data released by the Real Estate Board of Greater Vancouver produced a rather head-turning reaction from market participants earlier this week.
The Real Estate Board of Greater Vancouver reported sales across the region plummeted 43.4% year-over-year in September. It was, in fact, the September for sales volumes in six years. However, the slowdown is not mutually exclusive for the month of September. Home sales in the region are now off to their worst start through the first nine months of the year since the year 2000.
“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said.
And ease they did. The MLS Benchmark price ($1,540,900) for a detached home in Greater Vancouver fell 4.5% in September. There is now 13 months of inventory for sale, suggesting the bottom could be a ways out.
The total number of properties listed for sale in Metro Vancouver was 13,084, a 38.2% increase compared with September 2017 and a 10.7% increase since August, the board says.
