Slow sales and lots of inventory push down Vancouver home prices

Prices for Metro Vancouver homes are starting to decline in the wake of sluggish sales and plenty of residences up for sale, according to the Real Estate Board of Greater Vancouver (REBGV).

“Home prices have edged down between 3% and 5%, depending on housing type, in our region since June,” said REBGV president Phil Moore. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”

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Declining home prices come as a result of sales in October being 26.8% below the 10-year October-sales average.

Only 1,966 homes sold in the region in October 2018. That is a 34.9% decrease from the 3,022 sales recorded in October 2017.

There are now 12,984 homes listed for sale on the Multiple Listings Service (MLS) system in Metro Vancouver – a 42.1% increase compared to October 2017, when 9,137 homes were on the market.