Home sales and listings just below 10-year average
"While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months," said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.
The sales-to-actives ratio for November 2016 is 26.4%. This is up 2% from last month (24.4%).
Downward pressure on home prices can occur when the ratio dips below the 12% mark for a sustained period, while home prices can experience upward pressure when it surpasses 20% over several months.
"Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments," Morrison said. "This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-month declines."