More homes are coming to market as sales remain below historic lows
The number of newly listed detached, attached and apartment properties in Metro Vancouver increased by 15.4% on a yearly basis last month as supply continued to come to market, the city’s real estate board has revealed.
The Real Estate Board of Greater Vancouver (REBGV) said 4,664 of those properties were listed in October, up from 4,043 in the same month last year, with the total number of properties currently listed for sale rising by 12.6% year over year – from 10,305 to 11,599.
Residential sales in the Greater Vancouver region also ticked upwards, by 3.7% compared with October 2022, although the 1,996 sales recorded remained well below the 10-year seasonal average for the month.
Metro Vancouver housing market holds steady in October.
— REBGV (@REBGV) November 2, 2023
An increase in newly listed properties is providing more choices to home buyers across Metro Vancouver.
To check out our monthly report, check out the link below.https://t.co/9mepfqGkqp#rebgv #realestatemarket
REBGV’s director of economics and data analytics Andrew Lis said the data reflected mixed results for the city’s housing market, with renewed sellers’ interest counterbalanced somewhat by still-sluggish sales that show demand “is not as strong as we might expect this time of year.”
Still, that spells some good news for buyers who have seen their prospects of purchasing a home pummelled by rising interest rates in recent times.
“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,” Lis added, “meaning purchasing power is holding steady for the moment.”
