VANCOUVER WEST OCTOBER HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports this October’s sales to be 30 percent below the 10 year average for the month. Borrowing costs are the highest in over a decade and remain a significant barrier for Buyers. This even while Sellers move off the sideline as last month new listings in all sectors are up 15.4 percent compared to October 2022. Total inventory is up 12.6 percent year to year. Sales of all residential properties in Metro Vancouver this October rise 3.7 percent compared to last October. The composite value of all properties is 4.4 percent higher October to October.
The graph shows the average Metro Vancouver price for detached properties rising by 2.9 percent from September to October. The benchmark price for houses in October 2023 is 5.8 percent more than the previous October. Year to year the volume of detached home sales decreases 0.7 percent.
Last month versus October 2022, Vancouver west detached prices are up 6.9 percent. West side house sales increase 2.7 percent year to year. This October, inventory is 6.8 percent higher than the previous October.
From September to October west side house sales jump 29.1 percent. Month to month detached inventory declines 18.7 percent.