The party's over for Lower Mainland real-estate agents.
That's because October residential sales were 26.8 percent below the 10-year average for that month, according to the Real Estate Board of Greater Vancouver.
There were 1,966 transactions last month, compared to 3,022 in the same month in 2017.
“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” REBGV president Phil Moore said in a news release. “For homebuyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.”
Listings in October reached 12,984. That was 42.1 percent higher than the figure recorded in the same month of 2017.
The relatively high number of listings is putting downward pressure on the cost of residential real estate.
“Home prices have edged down between three and five per cent, depending on housing type, in our region since June,” Moore said. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”
Attached homes posted the sharpest drop in sales, falling 37.5 percent on a year-to-year basis. Apartment sales were off 35.7 percent and detached home sales were down 32.2 percent from October 2017.
The benchmark price for all residential real estate was $995,500, which was off 3.4 percent from three months ago but still up 2.9 percent from a year ago. (To see how prices changed in each municipality, see the statistics package.)
The REBGV's territory includes Whistler and Squamish, but does not cover North Delta, White Rock, Surrey, and Langley, which are all part of the Fraser Valley Real Estate Board.