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There were 3,646 sales through the multiple listing service in Metro Vancouver in October, up from 3,057 sales a year earlier. Sales figures were 36.2 per cent above the 10-year sales average for the month.

The jump in sales activity happened as supply dropped. New listings for detached, attached and apartment properties in Metro Vancouver were 4,126 in October, down eight per cent from a year earlier.

The board said the total number of properties listed for sale on the MLS was 9,569, a 30 per cent decline compared to October 2014 and an 11.4 per cent decline compared to September 2015. It was the lowest level for listings since December, 2010.

The shortage has helped drive up prices with the board’s index now at $736,000, after the 15.3% annual increase.

By category, sales of detached properties in October 2015 reached 1,437, up 13.1 per cent from a year a earlier and 34.3 from two years ago. The benchmark price for a detached property in Metro Vancouver increased 20.1 per cent from a year ago to to $1,197,600.

Sales of apartment properties hit 1,543 in October 2015, a jump of 21.7 per cent from a year ago and 40.5 per cent compared to two years ago. The benchmark price of an apartment property increased 11.4 per cent from October 2014 to $425,800.

The sales-to-active-listings ratio in October was 38.1 per cent. “Generally, analysts say that downward pressure on home prices occurs when the ratio declines below the 12 per cent mark, while home prices often experience upward pressure when it reaches 20 per cent, or higher, in a particular community for a sustained period of time,” the board said, in its release.

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gmarr@nationalpost.com