Metro Vancouver's real estate recovery continued in October, with home sales soaring 45.4% higher than the same month last year.
The Real Estate Board of Greater Vancouver reported that residential resale transactions in the region totalled 2,858 in October, which is the highest number of homes sold in a single month so far this year.
Homebuyers appear to become more confident today than what appears to be the situation during the first half of this year. This is likely due to prices finally edging down over the last year, while interest rates remain low.
As more inventory was absorbed by a more active market, the number of available listings declined - exacerbated by fewer sellers listing their homes for sale in October. There were only 4,074 homes listed for sale on the regions MLS in October, which is 16.4% less than the 4,873 homes that were listed last October.
While sales have been increasing the past few months compared with last year, the benchmark price of a typical Metro Vancouver home is now pegged at $992,000, 6.4% lower than last October.
The benchmark price of an attached home is $771,600, which is 5.8% lower than October 2018 and the benchmark price of a typical apartment is $652,000, down 5.9% from October 2018.