Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October.
The Real Estate Board of Greater Vancouver saw residential homes sales total 1,903 in October 2022 which is a 45.5% decrease from this time last year (3,494) and a 12.8% increase from the 1,687 homes sold in September 2022. Last month's sales were 33.3% below the 10-year October sales average.
Newly listed properties in October for Metro Vancouver reached 4,033 for all property types. This equates to a 0.4% decrease from October 2021 (4,049) and a 4.6% decrease compared to September 2022 (4,229).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw a decrease in the combined sales-to-active ratio from last month and now we are in a Balanced Market.
Broken down by property type, the sales-to-active ratio for October 2022 is 14.3% for detached homes, 21.6% for townhouses, and 23.2% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market as well and the detached sector is in a Balanced Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,148,900 this represents a 2.1% increase over October 2021.
The total sales for October 2022 were 1,903. This works out to 575 detached homes with a benchmark price of $1,892,100, 333 townhouses with a benchmark price of $1,043,600 and 995 apartments with a benchmark price of $727,100.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!