Property sales in Metro Vancouver plummeted by nearly one-third in September, and prices even saw a very slight decline, according to new figures released by the area's real estate board.
A total of 2,253 properties changed hands in September, a decrease of 32.6 per cent from the sales recorded in the same month a year ago.
It's also down 9.5 per cent compared to just two months ago, when comparing sales figures from August.
The number is more dramatic when you look at detached home sales: just 666 homes were sold in September, a decrease of 47.6 per cent compared to September 2015.
The Real Estate Board of Greater Vancouver says home sales dipped below the 10-year average for the first time since May 2014.
Board President Dan Morrison said the demand for condominiums and townhomes in the region is currently higher than single-family homes.
That could be owing to a lack of inventory: The total number of homes listed in the region is down 13.4 per cent compared to September 2015.
The sales-to-listings ratio last month hit 24.1 per cent, the lowest it's been since February 2015.
Morrison said while it's unlikely to see prices drop until the ratio dips below the 12 per cent mark, "changing market conditions" are easing price increases on home prices in the region.
“There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result," he said in a statement.
The benchmark home price in the region sits at $931,000, which is up 28.9 per cent compared to a year ago, but down 0.1 per cent since August.
That price rises to $1.579M if looking at single-family residences.
