Metro Vancouver home prices increased 7.5% to $622,955 in October from $579,349 in October 2010, according to Real Estate Board of Greater Vancouver statistics released November 2.
However, since reaching a peak of $630,921 in June, the benchmark price for all residential properties in the region has declined 1.3%.
Sales for detached properties in October (974) were relatively flat compared with sales one month ago (976), but down 34.5% from the 1,487 units sold in October 2009.
The benchmark price for detached properties increased 11% to $884,778 in October compared with a year ago. But, that benchmark price was down 1.3% compared with September.
“Right now, prospective homebuyers have a good selection of properties to choose from and more time to make decisions,” said REBGV president Rosario Setticasi.
“Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”
Glen Korstrom
@GlenKorstrom