An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.
“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”
There were 4,664 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2023. This represents a 15.4 per cent increase compared to the 4,043 properties listed in October 2022 and is 4.8 per cent above the 10-year seasonal average (4,449) for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,599, a 12.6 per cent increase compared to October 2022 (10,305). This change is also 0.6 per cent above the 10-year seasonal average (11,526).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2023 is 17.9 per cent. By property type, the ratio is 12.9 per cent for detached homes, 20.9 per cent for attached, and 21.5 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis said. “While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,500. This represents a 4.4 per cent increase over October 2022 and a 0.6 per cent decrease compared to September 2023.
Sales of detached homes in October 2023 reached 577, a 0.7 per cent decrease from the 581 detached sales recorded in October 2022. The benchmark price for a detached home is $2,001,400. This represents a 5.8 per cent increase from October 2022 and a 0.8 per cent decrease compared to September 2023.
Sales of apartment homes reached 1,044 in October 2023, a 4.9 per cent increase compared to the 995 sales in October 2022. The benchmark price of an apartment home is $770,200. This represents a 6.4 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.
Attached home sales in October 2023 totalled 356, a 6.6 per cent increase compared to the 334 sales in October 2022. The benchmark price of a townhouse is $1,100,500. This represents a 6 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.
Please visit our Open House at 303 1820 KENT AVENUE SOUTH E in Vancouver. See details here
Open House on Saturday, September 30, 2023 2:00PM - 4:00PM
Pilot House@Tugboat Landing. A beautiful and tranquil 2 bed / 2 bath condo, with great layout with nice bedroom separation. Open bright living space with built in office/workspace for two, updated kitchen with high-end appliances. Spacious open living room/diningroom, and enjoy the comfy gas fireplace. Two sliding doors one from livingroom & one from Primary bedroom to a large covered balcony to enjoy a view to the river. Great amenities including gym/fitness room/hot tub/exceptional clubhouse with fabulous water view! Come check it out.. you can't help but love it here. Healthy lifestyle opportunity with walking/cycling paths along the river, waterfront parks and green space in close proximity. Offering a great price-point for a two bedroom of this size.
I have sold a property at 1216 933 HORNBY ST in Vancouver. See details here
Rarely available in this building,Bright quiet S/W facing one bedroom and flex room, great for either den or storage. This open concept home overlooking one of the 2 serene roof top courtyards in the building. Located In sought after ELECTRIC AVENUE a solid built Bosa building with a very pro-active strata management. located In one of the best walkable areas of the city. The building amenities include a large well equipped Gym, Theatre, lounge with full kitchen, 24 Hour concierge and security.. Fantastic Grocery shopping, cafes, restaurants, theatre and famed Robson Street all within a block of this home. Think how easy living will be...Great for an investment right in the heart of downtown Vancouver.