The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,824, a 34.3% increase compared to August 2017 and a 2.6% decrease compared to July 2018.
The sales-to-active listings ratio for August 2018 is 16.3%. By housing type, the ratio is 9.2% for detached homes, 19.4% for townhomes, and 26.6% for apartments.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region,” Moore said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,083,400. This represents a 4.1% increase over August 2017 and a 1.9% decrease since May 2018.