The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,416, a 1.5% increase compared to October 2019 and a 5.2% decrease compared to September 2020.
“With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers," Gerber said. "To understand the market conditions in your neighbourhood and property type of choice, work with your local REALTOR® to assess the latest MLS® housing market information."
For all property types, the sales-to-active listings ratio for October 2020 is 29.7%. By property type, the ratio is 30.9% for detached homes, 43.5% for townhomes, and 24.9% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,045,100. This represents a 6% increase over October 2019 and a 0.4% increase compared to September 2020.