In October 2023, the housing market in Metro Vancouver saw an increase in newly listed properties, giving more options to buyers. However, sales are still below the long-term average.
There were 1,996 residential sales, a 3.7% increase from October 2022, but 29.5% below the 10-year average. More properties (4,664) were listed for sale, a 15.4% increase from October 2022.
The total number of properties listed for sale is 11,599, a 12.6% increase from the previous year.
The sales-to-active listings ratio in October 2023 is 17.9%, indicating more balanced market conditions. The composite benchmark price for all residential properties is $1,196,500, a 4.4% increase from October 2022.
Prices for detached homes and apartments have increased, while townhouse prices have also risen.
在2023年10月，溫哥華地區的房地產市場出現了新上市物業的增加，為買家提供了更多選擇。然而，銷售量仍然低於長期平均水平。
共有1996筆住宅銷售交易，比2022年10月增加了3.7％，但比10年平均水平低了29.5％。有更多物業（共4664筆）在售，較2022年10月增加了15.4％。
目前在售物業總數為11599筆，比去年同期增加了12.6％。 2023年10月的銷售與在售物業比例為17.9％，顯示市場條件更趨於平衡。所有住宅物業的綜合基準價格為1196500美元，比2022年10月增加了4.4％。
獨立屋和公寓的價格有所上升，而聯排別墅的價格也有所上升。
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Metro Vancouver housing market holds steady in October
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.
Source from REBGV
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