Click the link below to watch the YouTube video on Greater Vancouver 2015 October Housing Market Update, presented by the Real Estate Board of Greater Vancouver. The video presents an overview of the housing statistics for October 2015 in the Greater Vancouver area, and discusses elevated home sale trends.
(Youtube video courtesy of the Real Estate Board of Greater Vancouver)https://youtu.be/IJXDkPBQ09Y
Highlights from the video include:
(1) home buyers remain active across Metro Vancouver despite a reduced supply of homes for sale;
(2) 3646 sales on the MLS last month, was up 19% compared to last year and is 36% above the ten-year October average;
(3) on the home listing side, 9569 homes available for sale in the MLS, down 30 percent compared to last year and the lowest since December 2010;
(4) sales to active listings ratio stands at 38%.
Generally analysts say that downward pressure on home prices occurs when the sales to active listings ratio dipped below the 12 percent mark. Home prices often experience upward pressure when the sales to active listings ratio is greater than 20% in a particular community for sustained period of time.