Last Updated on October 24, 2023 by Ephraim Vecina
The number of new for-sale listings in Metro Vancouver last month was 13,084, representing a 38.2% year-over-year increase and 10.7% higher from August this year.
“There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years,” Greater Vancouver Real Estate Board president-elect Ashley Smith told The Canadian Press.
This trend accompanied a sharp fall in sales numbers. Metro Vancouver experienced a 43.5% shrinkage in activity, representing 1,595 transactions (down from last year’s 2,821). The September volume was also 36% lower than the market’s 10-year sales average for September.
Overall, sales activity in the Greater Vancouver region decreased by more than 40% annually last month, and by 17.3% when compared to August 2018 numbers.
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Even home prices suffered some decline. The benchmark value of detached homes in the region was at $1,540,900 in September, shrinking by 3.4% over the most recent quarter and by 4.5% from the same time last year.
Meanwhile, the condo apartment benchmark price was $687,300, which was 3.1% lower over the past quarter, but 7.4% higher than September 2017. The townhome benchmark value stood at $837,600, falling by 2% over the last 3 months, but increasing by 6.4% year-over-year.
“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market.”
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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