Home demand still outstrips supply in Metro Vancouver: Report
BNN Bloomberg
Home sales across Metro Vancouver remained well above the 10-year average in September, but the Real Estate Board of Greater Vancouver says prices haven't climbed as sharply.
VANCOUVER -- Home sales across Metro Vancouver remained well above the 10-year average in September, but the Real Estate Board of Greater Vancouver says prices haven't climbed as sharply.
The board's housing market report for September shows sales were 20.8 per cent above the 10-year average for the month while new listings were 1.2 per cent below.
Just over 9,000 condos, townhomes and single-detached homes were listed for sale in September and statistics from the board show 34 per cent of those changed hands.
Analysts say property prices generally climb when the percentage of sales compared with listings is above 20 per cent, but even though sales were strong, board economist Keith Stewart says pressure on prices was not as intense.
The report shows the composite benchmark price for all residential properties in Metro Vancouver is just under $1.2 million, a 13.8 per cent boost over September 2020 but an increase of only 0.8 per cent since August.
Stewart says home price trends will vary depending on property type and neighbourhood and warns the number of properties listed for sale can't meet demand, ultimately forcing prices higher.
