Lower Mainland real estate markets so far aren’t keeping pace with this year’s gains in the stock markets.
The Real Estate Board of Greater Vancouver said its composite benchmark price for all residential properties was $600,700 in October – a 0.5 per cent drop from a year ago. Attached duplexes and townhomes were virtually unchanged, while detached houses were down 0.5 per cent year-over-year and apartments were down 0.9 per cent.
The Fraser Valley Real Estate Board (FVREB), which includes Abbotsford and Mission, said its benchmark detached house price was up 0.8 per cent to $546,900 from a year ago, while townhouses were down 0.5 per cent and apartments are down 2.2 per cent.
“What we’re witnessing is a return to a balanced residential market indicated by prices remaining unchanged or down slightly compared to a year ago,” said FVREB president Ron Todson, who also cited stable inventory levels and the current two-month average wait for a home to sell.
The broad Canadian stock market index is up 10 per cent from one year ago, while the U.S. S&P 500 is closing in on a 30 per cent year-over-year gain.