REBGV Market Update For October 2023 – Sales Still Lagging Behind Long-Term Trends

The October 2023 market report released by the Real Estate Board of Greater Vancouver (REBGV) showed that while the supply of housing in the resale market is increasing, sales remain below long-term averages.

“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 we have been watching this fall.” Andrew Lis, REBGV Director of economics and data analytics said. He added, “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below the ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”

Home Sales
In October 2023, there were 1,996 residential property sales. This represented a 3.7% increase from the 1,924 sales in October 2022. The total was 29.5% below the 10-year seasonal average (2,832) for October.

The number of detached properties sold was 577, 0.7% less than October 2022.

The number of apartments sold was 1,044, 4.9% more than October 2022.

The number of attached properties sold was 356, 6.6% more than October 2022.

Home Listings
There were 4,664 new listings of detached, attached and apartment properties for October 2023 on the Multiple Listing Service (MLS). This was 15.4% more than the 4,043 homes listed in October 2022. The change was 4.8% above the 10-year seasonal average for the month (4,449).

The total number of homes listed for sale in October increased to 11,599, a 12.6% increase compared to October 2022 (10,305). The change was 0.6% above the 10-year seasonal average (11,526).

Sales-To-Active-Listings Ratio
This is a good indication of the supply and demand forces in the market. Downward pressure on home prices can occur when the ratio is below 12% for a sustained period, and there is upward pressure when the ratio is above 20% for a number of months.

For all property types, the ratio in October was 17.9%. When broken down by property types, the ratio was:

– 12.9% for detached homes
– 20.9% for townhomes
– 21.5% for condos

Home Prices
The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1,196,500. This was 4.4% higher than October 2022 and a 0.6% decrease compared to September 2019.

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