{"id":16863,"date":"2020-11-18T10:10:00","date_gmt":"2020-11-18T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16863"},"modified":"2020-11-04T09:14:16","modified_gmt":"2020-11-04T17:14:16","slug":"vancouver-home-prices-rose-6-amid-tight-supply-multiple-offers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/11\/vancouver-home-prices-rose-6-amid-tight-supply-multiple-offers\/","title":{"rendered":"Vancouver Home Prices Rose 6% Amid Tight Supply &#038; Multiple Offers"},"content":{"rendered":"<p style=\"text-align: justify;\">Activity in the Vancouver region\u2019s housing market remained robust through October, with the benchmark home price rising six percent to $1,045,100 and sales up 29 percent over the previous year.<\/p>\n<p style=\"text-align: justify;\">There were 3,687 properties that changed hands last month, close to a record for the month of October, according to data published today by the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">October\u2019s sales total was 34.7 percent above the 10-year average for the month and narrowly surpassed the 3,643 homes sold in September.<\/p>\n<p style=\"text-align: justify;\">\u201cHome has been a focus for [Vancouver region] residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation,\u201d said REBGV President Colette Gerber.<\/p>\n<p style=\"text-align: justify;\">\u201cWith demand on the rise, homes priced right for today\u2019s market are receiving attention and, at times, garnering multiple offers,\u201d Gerber said.<\/p>\n<p style=\"text-align: justify;\">The detached home, townhome and condo market segments were all firmly in seller\u2019s market territory, with an average sales-to-active listings ratio of 29.7 percent for October. REBGV says upward pressure on prices occurs when the ratio remains above 20 percent for several months.<\/p>\n<p style=\"text-align: justify;\">While the month\u2019s 5,571 new listings were up substantially from October 2019, they fell 13 percent compared to September.<\/p>\n<p style=\"text-align: justify;\">This tightening on the supply side in a seller\u2019s market meant that prices across all property types rose in October.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for a Vancouver region detached home rose 8.5 percent to $1,523,800 while the benchmark condo price increased 4.4 percent to $683,500. Meantime, townhomes saw their benchmark price climb to $813,000, up 5.4 percent from the previous year.<\/p>\n<p style=\"text-align: justify;\">Both detached and townhome prices also climbed in October compared to the previous month while condo prices remained flat.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2020\/11\/vancouver-home-prices-october-multiple-offers.html\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Home Prices Rose 6% in October Amid Tight Supply, Multiple Offers<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Activity in the Vancouver region\u2019s housing market remained robust through October, with the benchmark home price rising six percent to $1,045,100 and sales up 29 percent over the previous year. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/vancouver-home-prices-rose-6-amid-tight-supply-multiple-offers\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-16863","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Home Prices Rose 6% Amid Tight Supply &amp; 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