"Challenging environment": Slow September sales help Metro Vancouver home prices fall
Compared to September 2021, home sales fell sharply across Metro Vancouver last year, with analysts signalling that the rising cost to borrow funds is part of why.
In September 2021, there were 3,149 home sales in Metro Vancouver. Last month, that number fell by 46.4%, to 1,687 property sales.
The latest data from the Real Estate Board of Greater Vancouver (REBGV) also shows that home sales decreased between August and September by 9.8%.
According to REBGV, home sales in Metro Vancouver last month were 35.7% below the 10-year September sales average.
- You might also like:
- Inflation and interest rates prompt "quiet summer" for Metro Vancouver home sales
- Glitz and manor: The five most expensive Vancouver homes listed in September from $17.8M (PHOTOS)
- Average Canadian home prices expected to drop 2.2% this fall: RE/MAX
There were 4,229 detached, attached and newly listed apartment properties in September. That’s also an 18.2% decrease compared to 5,171 homes listed in September 2021 but a 27.1% increase compared to August 2022, when 3,328 homes were listed.
“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” said REGBV director of economics and data analytics Andrew Lis in a statement.
“This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.”
Lis added that with fewer homes selling and new listings still coming into the market, inventory is “beginning to accumulate, providing buyers with more selection compared to last year.”
This has also helped edge prices down slightly over the last six months.
The REBGV states that for all property types, the sales-to-active listings ratio for September 2022 is 16.9%. By property type, the ratio is 12.4% for detached homes, 18.4% for townhomes, and 20.9% for apartments.
September 2022 home sales statistics: REBGV
- Detached homes
- Number of units sold: 525
- Active listings: 4,225
- Benchmark price: $1,906,400 ($1,954,100 last month)
- Average days on market: 38 (31 last month)
- Apartment homes
- Number of units sold: 888
- Active listings: 4,257
- Benchmark price: $728,500 ($740,100 last month)
- Average days on market: 30 (28 last month)
- Townhouse sales
- Number of units sold: 274
- Active listings: 1,489
- Benchmark price: $1,048,900 ($1,069,100 last month)
- Average days on market: 31 (28 last month)
September 2022 Market Report: Home sellers were more active in Metro Vancouver’s housing market last month while home buyer demand remained below long-term averages https://t.co/zY14mtuLJF #rebgv #vanre #marketupdate
ā REBGV (@REBGV) October 4, 2022
Click here for the full report.