Pace of Metro Vancouver home price escalation slows down

The statistics for Metro Vancouver’s real estate market performance for the month of October 2023 are in, and they show there have been relatively little shifts.

But the limited movements made were downward for both prices and listings, while the volume of home sales was almost unchanged.

Data from the Real Estate Board of Greater Vancouver (REBGV) shows there were small month-over-month increases in benchmark home prices between September 2023 and October 2023 overall and for apartments and townhouses, but a slight decrease for single-family detached houses.

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The overall benchmark price for all property types was $1,196,500, which is a 0.6% month-over-month decrease compared to September 2023, with detached falling by 0.8%, townhouses falling by 0.2%, and apartments also falling by 0.2%. But compared to October 2022, there was a 4.4% year-over-year increase in the benchmark price across all types, with each type seeing a benchmark increase of about 6% year-over-year.

When it comes to supply, 4,664 homes of all types were newly listed for sale in October 2023, representing a 16.7% decrease from September 2023 but a 15.4% increase from October 2022 and a 4.8% increase above the 10-year seasonal average for the month.

With actual sales volumes, a total of 1,996 homes were sold within REBGV jurisdiction in October 2023, which is slightly higher than the 1,926 homes sold in September 2023. This also represents a 3.7% increase from October 2022 but a 29.5% drop from the 10-year seasonal average for the month.

“With more supply in the form of resale inventory and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” said Andrew Lis, REBGV director of economics and data analytics, in a statement.

“While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”

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

Homes in Vancouver’s Westside area saw a benchmark price of $1.331 million in October 2023, with single-family detached houses at $3.436 million, townhouses at $1.481 million, and apartments at $852,000, whereas homes in Vancouver’s Eastside area saw a benchmark price of $1.217 million, with single-family detached houses at $1.878 million, townhouses at $1.119 million, and apartments at $715,000.

October 2023 home sales statistics: REBGV

• Detached homes
  • Number of units sold: 577 (+0.7% over October 2022)
  • Active listings: 4,482
  • Benchmark price: $2,001,400 (+5.8% over October 2022; -0.8% over September 2023)
  • Average days on the market: 32
• Apartment homes
  • Number of units sold: 1,044 (+4.9% over October 2022)
  • Active listings: 4,846
  • Benchmark price: $770,200 (+6.4% over October 2022; +0.2% over September 2023)
  • Average days on the market: 25
• Townhomes
  • Number of units sold: 356 (+6.6% over October 2022)
  • Active listings: 1,706
  • Benchmark price: $1,100,500 (+6.0% over October 2022; +0.2% over September 2023)
  • Average days on the market: 21