Vancouver area home sales jump 46.3 per cent in September to near average level

VANCOUVER — The Real Estate Board of Greater Vancouver says home sales jumped 46.3 per cent in September compared with last year to hit near average levels after a decline in prices.

The board says 2,333 homes sold in the month, up from 1,595 sales last year, to come in at a level just 1.7 per cent below the 10-year average for September.

Higher home sales came as the composite benchmark price for all homes in Metro Vancouver was down 7.3 per cent to $990,600 in September compared with last year. The benchmark price was down 0.3 per cent from August.

“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” Ashley Smith, REBGV president said. “Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”

The benchmark price for detached homes dropped 8.6 per cent in September compared with last year. The benchmark condo price was down 6.5 per cent from last year, and the attached home price was down 7.2 per cent.

A total of 4,866 homes were listed in the month, a 7.8 per cent decrease compared with a year earlier, and a 29.9 per cent increase compared with August.

The board says the statistics indicate a more balanced housing market.

“This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”

This report by The Canadian Press was first published Oct. 2, 2019.

-With files from Hana Mae Nassar