Vancouver Real Estate Report Nov.4.2019

Vancouver Real Estate Report Nov.4.2019

Vancouver Real Estate Report Nov.4.2019

Vancouver Real Estate Report Nov.4.2019: Increase, increase, and increase. Homebuyers activities are much more aggressive, more sales in Oct.2019.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.

Last month’s sales were 9.8 per cent above the 10-year October sales average. Finally, we can see some positive numbers are going on in the market. Buyers all know that it is the right time to purchase. If the housing market keeps falling as the previous year, the banks will get a lot of pressure.

Ashley Smith said:

“Homebuyers have more confidence today than we saw in the first half of the year. With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”

The sales-to-active-listings ratio for October 2019 is 23.4%:

  1. For Detached homes: 17.3%
  2. For Townhomes: 26.2%
  3. For Apartment: 29%

We haven’t seen above number cross beyond 25% since the spring of 2018; which is a good sight for the housing market.

Benchmark price for major cities in Greater Vancouver:

Area Benchmark Price
Burnaby North $1,366,200
Burnaby South $1,473,100
Burnaby East $1,153,300
Vancouver East $1,360,500
Vancouver West $2,912,000
Richmond $1,501,600
Coquitlam $1,151,200
Whistler $1,659,200
New Westminister $1,017,000

It might be a good time for home sellers to list their homes out to the market. If you need real estate services, feel free to contact Realtor Chen.