Metro Vancouver real estate has been a much better investment than the stock market during the past year, though statistics released October 4 hint home prices may soon follow stocks’ downward trend.
Real Estate Board of Greater Vancouver (REBGV) released statistics October 4 that indicate consistent increases in property listings and fewer sales during the summer months has spurred a buyer’s market.
Sales for detached, attached and apartment properties in Greater Vancouver (not including Delta, Surrey and Langley) finally rose in September, but the uptrend was a mere 1.2% to 2,246 compared with September 2010.
Listings, in contrast, spiked 20.1% to 5,680 compared with September 2010.
The Toronto Stock Exchange has lost more than 20% of its value since April highs and is down 9.3% compared with October 4, 2010.
The benchmark price for Metro Vancouver residential real estate, in contrast, rose 8.8% to $627,994 in September compared with the same month a year ago.
Glen Korstrom
@GlenKorstrom