Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September 2016 when 2,253 homes sold. Last month’s sales were 15 per cent below the 10-year October sales average.
"Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern. Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them. While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months. It’s important to work with your local REALTOR® to help you navigate today’s changing trends.” - Dan Morrison, President of Real Estate Board of Greater Vancouver (REBGV).
For more in-depth information on October's market, please click below:
Greater Vancouver: REBGV October 2016 Stats Package
Fraser Valley: FVREB October 2016 Stats Package