Once again, the Vancouver area was cited as Canada's least affordable housing market, in the recent Desjardins Affordability Index. And once again, home buyers didn't seem to care. They just kept on buying.
According to the latest numbers from the Real Estate Board of Greater Vancouver, released November 4, home sales beat the 10-year average ay 16.6 per cent, the biggest margin this year, as the chart shows.
REBGV president Ray Harris noted, “We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between four and eight per cent depending on the property.”
Sales and Listings
In all, 3,057 homes sold in October in the area covered by the REBGV, compared to 2,661 in the same month last year. October beat the previous month as well: 4.6 per cent more home sales than September's 2,922.
Of the properties for sale, 1,271 were detached houses, 518 were attached (townhouses or duplexes) and 1,268 were condo apartments.
|Oct / Sept 2014||Oct 2014 / Oct 2013|
In new listings, 4,487 homes were put up for sale in October. That's a drop of 14.7 per cent after a surge of 5,259 homes coming to market in September. However new listings increased slightly over the same time last year, when 4,315 homes went on the market.
Current listings stand at 13,851 homes on the market, which is a decline of 6.6 per cent from September and 9.2 per cent from the previous October. The sales-to-active-listings ratio now stands at 22 per cent, which indicates that sellers had the advantage last month.
Benchmark Price (MLS® Home Price Index)
In general, benchmark prices have been rising bit by bit, month over month, with detached prices rising slightly more than condo or townhouse prices. But all those small rises result in home prices that are 4 to 7 per cent higher than at the same time last year. The result is that every month since June this year, it can be said that Greater Vancouver home prices are the highest they've ever been.
October composite benchmark prices by housing type are as follows:
|October 2014||Sept 2014||Oct 2013|
Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index that the REBGV publishes.
The Real Estate Board of Greater Vancouver covers Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
The board covers only homes being resold through the Multiple Listing Service, and does not record sales of newly built homes unless they are listed with the MLS®, so the house prices in the Home Price Index don't reflect all of the residential real estate sold in the area.