REBGV Stats – October 2023
Metro Vancouver housing market holds steady in October
An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 percent increase from the 1,924 sales recorded in October 2022. This total is 29.5 percent below the 10-year seasonal average (2,832) for October.
“With properties coming to market at a rate roughly five percent 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 percent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”
There were 4,664 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2023. This represents a 15.4 percent increase compared to the 4,043 properties listed in October 2022 and is 4.8 percent above the 10-year seasonal average (4,449) for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,599, a 12.6 percent increase compared to October 2022 (10,305). This change is also 0.6 percent above the 10-year seasonal average (11,526).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2023 is 17.9 percent. By property type, the ratio is 12.9 per cent for detached homes, 20.9 percent for attached, and 21.5 percent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.
“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 MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,500. This represents a 4.4 percent increase over October 2022 and a 0.6 percent decrease compared to September 2023.
Sales of detached homes in October 2023 reached 577, a 0.7 percent decrease from the 581 detached sales recorded in October 2022. The benchmark price for a detached home is $2,001,400. This represents a 5.8 percent increase from October 2022 and a 0.8 percent decrease compared to September 2023.
Sales of apartment homes reached 1,044 in October 2023, a 4.9 percent increase compared to the 995 sales in October 2022. The benchmark price of an apartment home is $770,200. This represents a 6.4 percent increase from October 2022 and a 0.2 percent increase compared to September 2023.
Attached home sales in October 2023 totalled 356, a 6.6 percent increase compared to the 334 sales in October 2022. The benchmark price of a townhouse is $1,100,500. This represents a 6 percent increase from October 2022 and a 0.2 percent increase compared to September 2023.
Download the October 2023 stats package.
