VANCOUVER WEST OCTOBER HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release opines that rising mortgage rates may eventually soften the current relentless demand but in the meantime the spectre of higher interest has motivated Buyers to make a move before their prequalifications expire. Sales of all residential properties last month did decline 5.2 percent year to year, but were 22.4 percent above the October average even while supply is the lowest in three years. New listings are down 27.3 percent October 2021 compared to October 2020, while the total inventory of listed properties falls 35.3 percent year to year. Still, last month the annual composite value of all properties is 14.7 percent higher.
The graph shows a big increase of 5.6 percent from September to October in the average price for detached properties, pushing it over the $2 million mark! The benchmark price for detached homes this October is 20.5 percent higher than last October. The volume of house sales drops 18.4 percent year to year.
Last month versus the previous October, Vancouver west detached prices increase 10.7 percent. Year to year west side house sales are down 2.7 percent. October 2021 inventory drops 19.4 percent compared to the previous October.
From September to October west side house sales get a 31.7 percent lift. Month to month detached inventory is 28.2 percent lower.