Sales decline. Benchmark prices relatively constant.
Statistics show that home sales have taken a considerable dip in Vancouver, while benchmark prices have managed to remain quite strong.
The Real Estate Board of Greater Vancouver just published their October stats for the Metro Vancouver housing market and they are showing some historic lows - at least in terms of sales. The number of home purchases last month were in fact 15% below the10-year average for October. There were also 38.8% less sales than in the same month last year.
So where does this leave us for prices? While the market is definitely giving buyers more breathing room, the benchmark price for all Vancouver homes sold in October was only 0.8% lower than the previous month and still 24.8% higher than in October last year.
More specifically, detached homes showed a 1.4% dip in benchmark price compared with last month, while attached homes dropped by 1.1%. Apartments in the region actually increased by 0.3%. However, when compared to October 2015, benchmark prices were still considerably higher than a year ago with increases of 28.9, 25.7 and 20.5% respectively.
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