VANCOUVER EAST OCTOBER HOUSE MARKET
The News Release reports that the Real Estate market is languishing near historic lows as last month’s sales dipped 33.3 percent under the 10-year October average. Rising interest rates and elevated inventory are causing downward pressure on value. New listings last month are 0.4 percent lower than October a year ago but the total inventory of listed properties is up 22.6 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 45.5 percent compared to October 2021. The composite value of all properties is 2.1 percent higher October to October.
The graph illustrates a drop of 3.5 percent from September to October in the average price for detached properties. The benchmark price for houses in October 2022 is 1.6 percent higher than last October. Year to year the volume of detached home sales is down by 47.2 percent.
This October versus October 2021, east side house prices are 2.6 percent higher. Year over year Vancouver east detached sales drop 59.1 percent. From October to October east side inventory is down 22.8 percent.
From September to October east side house sales fall by 15.2 percent. Month to month east side inventory is 6.2 percent lower.