Market Spotlight: October Residential Stats

The Real Estate Board of Greater Vancouver released their October statistics. The residential market continues to show signs of slowing down, although not dramatically. Here are a few highlights:

• Listings were up 12% from 2011, but down 5.3% from September 2012.
• Sales were down 16.7% in October 2012 compared to October 2011.
• Since hitting a record high in April, the benchmark price detached homes on the Westside of Vancouver has declined 8.6% while detached homes in Richmond and West Vancouver have seen declines of 6 % over the same time period.
• Port Moody, Maple Ridge and Port Coquitlam are the only markets where average single family prices have not declined since April.
• North Vancouver, Pitt Meadows and Port Moody are the only markets where average condo unit prices have not declined since April.

Source: REBGV stats