The country’s most expensive market is either red hot or still recovering. It depends on your vantage point.
If you compare the market to a year ago, the recovery is spectacular. September Vancouver sales climbed 63.8% from a year ago. Compare those same 2,483 September sales to a month earlier and they are down 1.2%.
“While sales are up considerably from last year, it’s important to note that September 2012 saleswere among the lowest we’ve seen in nearly three decades,” said, Sandra Wyant, president of the Real Estate Board of Greater Vancouver, in a statement. “Home sale and listing activity this September were in line with the 10-year average for the month.”
In fact, last month’s sales in British Columbia’s largest city were 1% below the 10-year average for the month. New listings for the month were also 3.5% below the 10-year average.
The total number of properties currently listed for sale in Greater Vancouver last month was 16,115, a 12.2% drop a year before but a 0.5% increase from August.
“It’s important to remember that stronger sales activity does not necessarily equate to rising home prices. In fact, home prices have not fluctuated much in our market this year,” Ms. Wyant said.
The board’s composite benchmark price for all residential properties in Greater Vancouver was $601,900, a 0.7% decline from a year ago but a 2.3% increase since January, 2013.
-Garry Marr, The Financial Post