Vancouver home supply up as sales drop below historical average in October

Meanwhile, nearly 4,900 new properties were listed for sale last month, up 7.4 per cent compared with October last year.

Nearly 13,000 homes are listed in Metro Vancouver or 42.1 per cent more than in October 2017.

Board president Phil Moore says the additional supply gives home buyers more choice and home sellers more competition.

Detached home sales fell 32.2 per cent in October compared with the same month last year, while the benchmark price fell to $1,524,000 marking a 5.1 per cent drop year-over-year and 3.9 per cent fall over the last three months.

Sales of townhomes declined 37.5 per cent and condos fell 35.7 per cent year-over-year. The benchmark price for townhomes rose 4.4 per cent from last year to $829,200, while condo prices jumped 5.8 per cent to $683,500. Over the past three months, townhome prices fell 2.8 per cent and condo prices dropped 3.1.

The three-month price drop “is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year,” says Moore.