October 2019 Vancouver Real Estate Market Update
Average Home Prices Increase For Fist Time In 16 Months
The average home price in Vancouver ticked upwards for the first time since the price declines began back in July 2018.
Home sales in the region totalled 2,858 in October 2019, a 45.4% increase from the 1,966 sales recorded in October 2018, and a 22.5% 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.
For all property types, the sales-to-active listings ratio for October 2019 is 23.4%. By property type, the ratio is 17.3% for detached homes, 26.2% for townhomes, and 29% for apartments. Any amount above 20% is considered a 'Sellers Market'
Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.)
Sales of detached properties in October 2019 reached 78, a 20.9% increase from October 2018. The benchmark price for detached properties is $2,912,000. This represents an 10.8% decrease from October 2018.
Sales of Townhomes in October 2019 reached 51, a 30.8% increase from October 2018. The benchmark price for Townhome is $1,113,400. This represents an 4.1% decrease from October 2018.
Sales of Condos in October 2019 reached 365, a 35.7% increase from October 2018. The benchmark price for condo properties is $754,100. This represents a 6.9% decease from October 2018.