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Metro Vancouver real estate sales up for 3rd consecutive month, prices still down

For the third consecutive month, Metro Vancouver home sales have shown year-over year growth.
For the third consecutive month, Metro Vancouver home sales have shown year-over year growth. THE CANADIAN PRESS/Jonathan Hayward

The Metro Vancouver real estate bounce appears to be holding, with realtors reporting September sales up 46 per cent from the same month last year.

However, prices across all home types continued to dip.

It marks the third consecutive month of sales showing year-over-year recovery, according to Real Estate Board of Greater Vancouver (REBGV) data.

READ MORE: Greater Vancouver real estate sales return to ‘more typical levels’ in August: REBGV

“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” said REBGV president Ashley Smith.

“Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”

According to the board, 2,333 homes sold last month, compared to 1,595 the same month last year. Sales were also up 4.6 per cent over August, though still 1.7 per cent below the 10-year-average.

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READ MORE: Greater Vancouver home sales jump in July, but prices continue steady slide

While sales are up, inventory remains high, with the total number of homes listed in the region up 2.7 per cent compared to September last year.

Prices also continued to slump.

Metro Vancouver benchmark real estate prices, 1977-present.
Metro Vancouver benchmark real estate prices, 1977-present. REBGV

The regional benchmark across all home types was $990,600 for September, down 7.3 per cent year-over-year and down 0.3 per cent from August.

The benchmark for a detached home was $1.4 million, down 8.6 per cent year over year, and unchanged form August.

The benchmark for apartments was $651,500, down 6.5 per cent year over year, and down 0.4 per cent from August.

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READ MORE: Metro Vancouver’s June home sales lowest since Y2K, benchmark price drops below $1M

As in previous months, price changes have shown strong regional variations.

Detached home prices saw the strongest dips in Vancouver’s West Side (10.8 per cent), Tsawwassen (10.4 per cent), North Burnaby (10.2 per cent), Coquitlam (10 per cent), West Vancouver (9.3 per cent) and East Vancouver (9.2 per cent)

Only Whistler (9.5 per cent), Squamish (5.2 per cent) and Bowen Island (0.1 per cent) saw price growth in detached homes.

READ MORE: Metro Vancouver home sales up ‘modestly’ in May: Real Estate Board of Greater Vancouver

Price drops in the condo market were highest in West Vancouver (11.2 per cent), Ladner (10.3 per cent), Tsawwassen (10.1 per cent), North Burnaby (8.2 per cent), East Vancouver (7.9 per cent) and Burnaby South (7.8 per cent).

Only Whistler (5.4 per cent) and Squamish (3.1 per cent) saw price growth in the condo market.