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Last month, Metro Vancouver home sales reached typical historical levels with the majority of those sales concentrated in the townhouse and condominium markets.
Realtors registered approximately 3,000 sales on the region’s multiple listing service (or MLS) last month, making it a double-digit increase over last year. It was also above the 10-year sales average for October.
Supply, however, continues to vary depending on the type of property. For the detached home market, there is currently a supply of 5,587 properties. This is relieving pressure on prices.
But the opposite is true in townhome and condo markets. Buyers continue to have a limited supply of properties to choose from, which is contributing to some upward pressure on pricing.
To understand the difference between supply and demand, we can look to the sales-to-active listings ratio. When the ratio dips below the 12% mark for a sustained period, there can be downward pressure on pricing.
But when the ratio surpasses 20% over several months, upward pressure can be expected. Today, the ratio across all housing types in the Metro Vancouver area shows that we are still in a seller’s market.
If we break it down by property type, we can see that detached homes are in a clear buyer’s market, while townhomes and condos fall within a seller’s market.
Home prices reflect this varied demand. In the last year, demand for detached homes has increased 4%. But townhomes and condos have both seen double-digit gains since last year, with an increase of 18% and 22%, respectively.
If you’re looking to enter the market as either a buyer or a seller, it’s important to work with your local Realtor so you understand the latest market trends and set realistic expectations to help you achieve your housing goals.