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Steady market with some buying power in Greater Vancouver

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Last month, more new listings gave Metro Vancouver buyers a broader range of options, though sales levels are nearly 30 per cent below long-term averages.

The region’s October sales were 1,996, a 3.7 per cent increase from the same period last year, reports the Real Estate Board of Greater Vancouver (REBGV).

“With properties coming to market at a rate roughly 5 per cent above the 10-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 says in a press release.

“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.”

 

Number of listings

 

MLS had 4,664 detached, attached and apartment properties newly listed for sale in the region last month, a 15.4 per cent jump compared to 4,043 properties in October 2022. This is 4.8 per cent above the 10-year seasonal average for October.

As for the total number of properties on MLS in the area, this was just shy of 11,600, a 12.6 per cent increase from the same time last year and 0.6 per cent higher than the 10-year seasonal average. The sales-to-active listings ratio across all property types in October was 17.9 per cent.

“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 notes.

“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.”

 

Pricing

 

The MLS composite benchmark price for all Metro Vancouver residential properties is $1,196,500, representing a 4.4 per cent jump from October 2022 and a 0.6 per cent decline from September 2023.

 

Read more and download the stats package from REBGV here.

 


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