Wondering what changed in the real estate market last month?
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More Sellers than the previous month.
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Less buyers than the previous month
More specifically the REBGV has this to say:
'Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below theregion’s long-term
averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022.
Last month’s sales were35.7 per cent below the 10-year September sales average. “With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,” said Andrew Lis, REBGV director, economics and data analytics.
“This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.” There were 4,229 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2022. This represents an 18.2 per cent decrease compared to the 5,171 homes listed in September 2021 and a 27.1 per cent increase compared to August 2022 when 3,328 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,971, an eight per cent increase compared to September 2021 (9,236) and a 3.2 per cent increase compared to August 2022 (9,662).
“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lissaid. “With more supply and less demand within this market cycle, residential home prices have edged downin the region over the last six months.” '
CLICK HERE FOR THE FULL REBGV SEPTEMBER STATISTICS PACKAGE