The activity of home buyer and seller activity stay close to the historical averages listed in the Metro Vancouver housing market.
Coming from the 2,233 sales recorded in October 2016, the total residential home sale last November 2016 was only 2,215. This shows a decrease of 0.9 per cent. Comparing this to the sales made last November 2015, there is a 37.2 per cent decrease. And notably, the sales last month were 7.6 per cent below the 10-year sales average for the month.
Dan Morrison acknowledges that the supply and demand totals have returned to more historically normal levels over the last few months. The new listings for detached, attached, and apartment properties in Metro Vancouver totaled 3,147 last November 2016, which indicated a decrease of 20.9 per cent compared to the 3,981 units listed last October 2016, and 3,392 listed properties last November 2015.
It is worth noting that the total number of properties currently listed for sale on MLS system in Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016, but a definite 3.6 per cent increase compared to November 2015.
Downward pressure on home prices can occur when the ratio dips below the 12 per cent mark for a sustained period, while home prices can experience upward pressure when it surpasses 20 per cent over several months.
One of the things causing stability in the marked is the demand for detached homes, which is lower compared to demand for townhomes and apartments. However, it must be noted that there is a modest month over month decline for detached homes.
The MLS home price index composite benchmark price for all residential properties in Metro Vancouver is currently $908,300, which represents a 1.2 per cent decrease compared to last October. Sales of detached properties in November 2016 reached 638, a decrease of 2.1 per cent from the 652 detached sales recorded last October 2016. Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent compared to the 1,178 sales in October 2016. Attached property sales in November 2016 totaled 376, a decrease of 6.7 per cent compared to the 403 sales last Month.
The benchmarks are as follows:
-Detached properties: $1,511,100
-Apartment property: $512,100
-Attached unit: $667,100