Wondering what changed in

Metro Vancouver's real estate market last month?

1. MLS Home Price Index benchmark price for all listings in Metro Vancouver is up 4.4% compared to October 2022 and down 0.6% compared to September 2023

2. Home sales in October were 29.5% below the 10-year average, however, they increased 3.7% when compared to October 2022.

    

    

   Main Highlight:

   1. Minimal month-over-month pricing decline continues for second month.
   2. Year-over-year, compared to October 2022, all aspects of the market have improved. 
   3. Heading towards a balanced market.
      
    

   Metro Vancouver Market Highlights October 2023:

     
   

   Following in September’s footsteps Q4 continues to be quiet. Yes there has been a very minor pricing decline, but for the most part the landscape is looking more balanced between buyers and sellers than it has been for the majority of 2023.

    

   More specifically the REBGV has this to say:

   “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.”

   “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 benchmark price for a detached home is $2,001,400. The benchmark price of an apartment home is $770,200. The benchmark price of a townhouse3 is $1,100,500

   Metro Vancouver Housing Market Find A Balance:

   

    

    CLICK HERE FOR THE FULL REBGV October 2023 STATISTICS PACKAGE

    

   Looking to make a change before 2024? Reach out today and let us help you navigate through the ever changing market.
   

    

   Rod & Rhea: 604.240.1927
   Ryan: 604.561.2127
    [email protected]