An increase in property listings and fewer home sales this summer has turned Metro Vancouver into a buyer's market, according to The Real Estate Board of Greater Vancouver.
The board reported Tuesday that new listings for homes and apartments in the area last month totalled close to 5,700 – the third highest volume for September in the past 17 years.
At the same time, sales of properties went up just 1.2 per cent in the month compared to the year before. That's the third lowest number of sales for the month in 10 years.
"There's more competition amongst home sellers in today's market, providing more options for prospective buyers," Rosario Setticasi, REBGV president said in a statement.
"Buyers now have more properties to choose from and more time to make decisions compared to the spring season."
The price of homes, however, has not gone down.
The benchmark price for all residential properties in the area was $627,994 in September – up from $577,174 the year before.
The price of detached and apartment housing in Vancouver and many suburbs saw substantial increases from September 2010, but homes in Pitt Meadows, Squamish and the Sunshine Coast all saw reductions.
Apartments in Coquitlam and North Vancouver also saw slight price decreases compared to last year.