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In todays video we break down real estate statistics and talk about the state of the Metro Vancouver real estate market. Enjoy the video:)

In October 2023, the Metro Vancouver housing market experienced several notable trends, with an increase in newly listed properties providing more choices for buyers, but sales remaining below long-term averages. The Real Estate Board of Greater Vancouver (REBGV) reported a total of 1,996 residential sales in the region during October, marking a 3.7% increase compared to the same month in 2022. However, this figure was 29.5% below the 10-year seasonal average for October, which stands at 2,832 sales.

The rise in newly listed properties was a significant factor in the market dynamics. A total of 4,664 detached, attached, and apartment properties were listed for sale in October 2023, indicating a 15.4% increase from the previous year and surpassing the 10-year seasonal average by 4.8%. This surge in listings demonstrates that sellers have shown renewed interest in participating in the market, contributing to an increase in housing supply.

Despite the increase in supply, the sales numbers remained relatively subdued. The sales-to-active listings ratio for October 2023 was 17.9% across all property types. When examining the ratio by property type, it was 12.9% for detached homes, 20.9% for attached properties, and 21.5% for apartments. Historically, a ratio below 12% for an extended period can put downward pressure on home prices, while ratios exceeding 20% for several months often lead to upward price pressure. These numbers suggest a more balanced market, with the multifamily segment being more active than the detached segment.

One factor contributing to the relatively subdued demand is the impact of borrowing costs. The report notes that the highest borrowing costs in over a decade are constraining affordability. However, the silver lining for buyers is that price increases have moderated in response to these more balanced market conditions, allowing purchasing power to remain relatively stable for the time being.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver stood at $1,196,500 in October 2023. This figure represents a 4.4% increase compared to October 2022 but a 0.6% decrease from the previous month, September 2023.

Sales of detached homes in October 2023 reached 577, marking a slight 0.7% decrease compared to the same month in 2022. The benchmark price for detached homes was $2,001,400, reflecting a 5.8% increase from October 2022 but a 0.8% decrease compared to September 2023.

Apartment home sales in October 2023 totaled 1,044, which represented a 4.9% increase from October 2022. The benchmark price for apartments was $770,200, marking a 6.4% increase from October 2022 and a slight 0.2% increase from the previous month.

Finally, attached home sales in October 2023 reached 356, indicating a 6.6% increase compared to October 2022. The benchmark price for townhouses was $1,100,500, which reflected a 6% increase from October 2022 and a 0.2% increase from September 2023.

In summary, the Metro Vancouver housing market in October 2023 saw an increase in the number of newly listed properties, offering more choices for prospective homebuyers. However, sales remained below the long-term average, indicating weaker demand in the market. The market conditions appeared to be shifting towards a more balanced state, with multifamily properties showing more activity than detached homes. While borrowing costs remained high, the rate of price increases had moderated, providing some stability in purchasing power for buyers. Overall, the market continued to experience growth in benchmark prices, particularly for detached, apartment, and attached homes, but it was important to consider the monthly fluctuations in these figures.