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Metro Vancouver home sales climb for 4th month, prices level off

Home sales climbed for a fourth consecutive month in Metro Vancouver, according to the Real Estate Board of Greater Vancouver.
Home sales climbed for a fourth consecutive month in Metro Vancouver, according to the Real Estate Board of Greater Vancouver. Simon Little / Global News

Real estate sales picked up and sliding prices levelled off across Metro Vancouver last month, according to the Real Estate Board of Greater Vancouver (REBGB).

The organization released its October sales data Monday, which showed a 45 per cent jump in sales from the same month last year and a 22.5 per cent jump from September.

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

It marked a fourth consecutive month that residential real estate activity increased in Metro Vancouver, and sales volume was 9.8 per cent above the 10-year October sales average.

Inventory, which has been piling up over the year-long real estate slump, has also begun to thin out.

The REBGV said the total number of homes listed on the MLS system was down 5.8 per cent from October 2018, and down nine per cent from September.

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Metro Vancouver home prices 1977-present.
Metro Vancouver home prices 1977-present. REBGV

Home prices around the region still showed a year-over-year drop, but held virtually flat from September after more than a year of month-to-month declines.

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

The benchmark price for a detached home across the Lower Mainland was $1,410,500, down 7.5 per cent from October 2018, but up 0.3 per cent from September.

The benchmark price of an apartment across the region was $652,500, down 5.9 per cent from October 2018, but up 0.2 per cent from September.

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