Vancouver East October House Market
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release headlines the continuing Metro Vancouver Real Estate trend of exceeding 10 year sales averages as last month transcends that of October by 15 percent. Robust activity in the apartment and attached sectors (due in part to the upcoming tightening of mortgage qualification) is behind most of the surge but with the sales-to-active listings ratio for detached properties now at 16.8 percent it suggests a rebound from the slide over the summer to that 12 percent threshold which triggers downward pressure on value. October 2017 total residential sales increase 35.3 percent from last October. Year to year new listings are 14 percent higher however total inventory of listed properties dips 0.1 percent October to October. The composite value of all Metro Vancouver properties is up 12.4 percent last month compared to October 2016.
The graph shows an impressive spike for the average price of Metro Vancouver detached properties with a 6.9 percent increase from September to October. The benchmark price for detached houses last month compared to October 2016 is up 4 percent. The volume of house sales is up 44.2 percent year to year.
East side house prices this October record a 3.3 percent increase over October 2016. Year to year Vancouver east detached sales surge with a 63 percent increase. October to October inventory rises 6.4 percent.
September to October east side house sales are lifted 11.6 percent. Month to month the inventory decreases 10.8 percent.