October sales were down by over 45% year over year in the city's once-scorching market
Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October, according to the Real Estate Board of Greater Vancouver.
The region saw a total of 1,903 home sales last month, representing a significant 45.5% annual decline. This level was also 33.3% lower than the region’s 10-year average for October sales, the REBGV said.
A total of 4,033 homes were newly listed for sale in the region’s Multiple Listing Service last month, which was only 0.4% higher year over year. Active inventory stood at 9,852 homes, up by 22.6% annually.
“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” said Andrew Lis, director of economics and data analytics at the REBGV.
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“With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022,” Lis added.
The analyst described Vancouver’s current market cycle as a significant departure from the norm for this time of the year, “with a slower pace of sales and more selection to choose from.”
“This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence,” Lis said.
The composite benchmark home price in the region went up by 2.1% annually to reach nearly $1.149 million in October.
