The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,984, a 42.1% increase compared to October 2017 and a 0.8% decrease compared to September 2018.
For all property types, the sales-to-active listings ratio for October 2018 is 15.1%. By property type, the ratio is 10.3% for detached homes, 17.3% for townhomes, and 20.6% for condominiums.
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.
“Home prices have edged down between three and five per cent, depending on housing type, in our region since June,” said Moore. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”
The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,062,100. This represents a one per cent increase over October 2017 and a 3.3% decrease over the last three months.