The Metro Vancouver housing market in October showed signs of stability and a growing inventory, providing increased choices for home buyers. Despite a 3.7% rise in residential sales compared to October 2022, the market remains below long-term averages.
Key highlights:
- 1,996 residential sales in October 2023, marking a 3.7% increase from the previous year but still 29.5% below the 10-year average for October.
- Newly listed properties increased by 15.4%, providing more options for buyers. The total number of properties for sale is 11,599, a 12.6% increase from October 2022.
- Sales-to-active listings ratio is at 17.9%, indicating a shift towards more balanced market conditions.
- The MLS® Home Price Index composite benchmark price is currently $1,196,500, showing a 4.4% increase from October 2022.
- Detached home sales decreased slightly, but benchmark prices increased by 5.8%. Apartment and attached home sales saw increases, with corresponding benchmark price changes.
The market is adjusting towards balance, offering a more even playing field between supply and demand. Although borrowing costs are high, there’s a silver lining for buyers as price increases have stabilized, maintaining their purchasing power for now.
In South Surrey and White Rock, Detached homes showed Buyers Market conditions in October, with an 11% sales ratio (1.1 in 10 homes selling rate). The most active price range was for homes between $1.5 million to $1.75 million. This segment showed strong Sellers Market conditions, with 1 in 4 homes selling. Condos and Townhomes remain a Sellers Market, with a 22% sales ratio. The most active price range for condos and townhomes was for homes priced between $500,000 to $600,000, which sold at a 44% sales ratio.
Depending on the precise neighbourhood and property type, the market can behave differently. Unique opportunities exist in every market and with current balanced conditions, both buyers and sellers can achieve successful results. If you’re thinking of buying or selling your home, contact us today to discuss how we can reach your real estate goals together.
Alex K. Liang: 604-817-5179 | Parm Pooni: 604-657-1742
