Heightened consumer demand for housing continued in October. Total MLS sales were up 14 per cent compared to October of last year, to 8,725 units. Through the first ten months of the year, home sales are up over 20.4 per cent compared to last year. On a seasonally adjusted basis, home sales increased about 1 per cent from September. With home sales running at a near record pace in many markets around the province, sales may begin to slow on a seasonally adjusted basis in coming months.
Active residential listings in the province continue to slide lower, falling 21 per cent from a year ago to just over 35,000 units. On a seasonally adjusted basis, the inventory of homes for sale is now at its lowest level in 8 years. Strong consumer demand has pulled down inventories and created sellers markets in some board areas, while contributing to relative balance in others. Given current sales levels, there was a 4 month supply of homes on market last month in the province. Market conditions, however, can vary significantly between individual neighbourhoods and communities so contact your local realtor to identify market conditions in your area.
The average home price for the province was up 16 per cent year-over-year in October at $667,480. Over the past 12 months, the MLS Home Price Composite Index, the price for a typical home, increased 15 per cent in Vancouver, 10 per cent in the Fraser Valley and 5 and 7 per cent in Vancouver Island and Victoria, respectively.