REBGV Market Update For October 2022 – Downward Trend In The Vancouver Housing Market Continues
The October 2022 market report released by the Real Estate Board of Greater Vancouver (REBGV) showed that despite the small increase between September and October, home sales are still on a downward trajectory.
“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options. 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, ” Andrew Lis, REBGV Director, economics and data analytics said. He also added “Recent years have been characterized by a frenetic pace of sales and more selection to choose from. Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from.”
In October 2022, there were 1,903 residential property sales. This represented a 45.5% decrease from the 3,494 sales in October 2021 and an increase of 12.8% from September 2022 when 1,687 homes were sold.
The number of detached properties sold was 575, 47.2% less than October 2021.
The number of apartments sold was 995, 44.8% less than October 2021.
The number of attached properties sold was 333, 44.8% less than October 2021.
There were 4,033 new listings of detached, attached and apartment properties for October 2022 on the Multiple Listing Service (MLS). This was 0.4% less than the 4,049 homes listed in October 2021 and 1.2% less compared to September 2022 when 9,971homes were listed.
The total number of homes listed for sale in October was 9,582. This represented a 22.6% increase compared to October 2021 and a 1.2% decrease compared to September 2022.
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 19.3%. When broken down by property types, the ratio was:
- 14.3% for detached homes
- 21.6% for townhomes
- 23.2% for condos
The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1.158,900. This was 2.1% higher than October 2021 and a 1.7% decrease over the past six months. It was also a 0.6% decrease compared to September 2022, and a 9.2% decrease over the past 6 months.
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