Vancouver home sales surge despite low supply

Home sales in Metro Vancouver were up by nine per cent in October compared to the month prior with 3,646 homes sold.

Figures from the Real Estate Board of Greater Vancouver show that the year-over-year increase was 19.3 per cent and the month’s sales was 36.2 per cent above the 10-year average.

Apartment sales in Vancouver were up 21.7 per cent from a year earlier. Attached properties increased by 28.6 per cent year-over-year, while detached properties saw a 13.1 per cent rise.

“Home sales are more than one-third above what’s typical for this time of year yet the supply of homes for sale is the lowest we’ve seen in five years,” said Darcy McLeod, REBGV president.

“This activity has created favourable market conditions for anyone considering selling their home today.”

Active listings were at their lowest level in five years at 9,569, down 30 per cent year-over-year and 11.4 per cent lower than in September. 

Prices continue to increase with the benchmark MLS price at $736,000, up 15.3 per cent from October 2014. 

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