Slightly higher October housing sales in Vancouver signal a reversal from recent months
After several months of very low sales volumes, there's a ray of light for local real-estate agents.
The Real Estate Board of Greater Vancouver has reported an uptick in transactions in October over September. However, the monthly figures were still 16.7 percent below October 2011.
Since the federal government reduced the maximum amortization period on a home-mortgage loan to 25 years from 30 years earlier this year, the Vancouver real estate market has been on the skids.
In September, the sales volume of 1,516 units was 41.6 percent below the 10-year average. August sales were 39.2 percent below the decade-long average.
In October, however, the number of transactions increased to 1,931 units. That was just 28.5 percent below the 10-year average.
Agents make a living on the number of transactions—though the higher the price, the greater the commission.
And when it comes to price, the MLS Home Price Index benchmark clocked in at $603,800 for all housing types, which is down from the peak of $625,100 in May.