Metro Vancouver housing sales remain near historic lows in October 2022

Activity for housing sales across Metro Vancouver continued to remain near historic lows in October 2022, a far cry from last October when heated home sale activity was above historical averages.

The number of listings from around Metro Vancouver continues to “inch upward,” according to the Real Estate Board of Greater Vancouver (REBGV), meaning more selection for potential home buyers.

Prices have also slipped slightly across all property types compared to last month but are up year-over-year for Metro Vancouver overall.

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For October 2022, the REBGV reported 1,903 housing sales across Metro Vancouver, down 45.5% since October 2021, when 3,494 property sales were recorded. It’s also a 12.8% decrease compared to the 1,687 homes sold in September 2022.

October 2022 sales were 33.3% below the 10-year October sales average.

In a statement, Andrew Lis, REBGV director of economics and data analytics, points out that economic factors like inflation and rising interest rates are still top of mind for many home buyers.

“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.”

REBGV

Over 4,000 detached, attached, and apartment properties were listed for sale in October 2022, a 0.4% decrease compared to October 2021 and a 4.6% decrease compared to September 2022.

Year-over-year, the number of homes listed is still up over October 2021.

“This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence. With the possibility of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible,” Lis added.

REBGV’s jurisdiction covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and all of the Tri-Cities and North Shore. In addition, other areas such as Surrey, Langley, Delta, and White Rock are part of the Fraser Valley Real Estate Board.

October 2022 home sales statistics: REBGV

• Detached homes
  • Number of units sold: 575 (525 last month)
  • Active listings: 4,017 (4,225 last month)
  • Benchmark price: $1,892,100 ($1,906,400 last month)
  • Average days on the market: 35 (38 last month)
• Apartment homes
  • Number of units sold: 995 (888 last month)
  • Active listings: 4,293 (4,257 last month)
  • Benchmark price: $727,100 ($728,500 last month)
  • Average days on the market: 28 (30 last month)
• Townhouse sales
  • Number of units sold: 333 (274 last month)
  • Active listings: 1,542 (1,489 last month)
  • Benchmark price: $1,043,600 ($1,048,900 last month)
  • Average days on the market: 23 (31 last month)