Vancouver sales surge but inventory is mixed

It was a varied housing market for Metro Vancouver in October with supply of detached homes offering greater choice for buyers while the townhouses and apartments markets were more competitive.

Overall sales surged 35.3% year-over-year to 3,022, up 7.1% from September and 15% above the 10-year average.

Detached home sales were up 44.2% year-over-year (940), attached were up 30.1% (1,532) and attached property sales gained 36.5% (550).

New listings were up 14%.6% year-over-year to 4,539 but that was 15.6% down from September. Inventory was down 0.1% year-over-year to 9,137, 3.5% below September’s available listings.

"The growth in our provincial economy and job market is contributing to today's demand," Jill Oudil, REBGV president said. "The federal government's announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the short term. Many buyers are trying to enter the market before the changes are in place."

Benchmark prices were up 12.5% year-over-year to $1,042,300.

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