Metro Vancouver Housing Market Update - October 2023
Residential sales in Metro Vancouver for October 2023 reached 1,996, a 3.7% increase from October 2022, but still 29.5% below the 10-year seasonal average.
The increase in newly listed properties (4,664 in October 2023) gives buyers more choices, with a 15.4% rise compared to October 2022 and 4.8% above the 10-year seasonal average.
However, the sales-to-active listings ratio for October 2023 is 17.9%, indicating a market favoring buyers, as a ratio below 12% puts downward pressure on prices.
The total number of properties listed for sale in Metro Vancouver is 11,599, a 12.6% increase from October 2022, and 0.6% above the 10-year seasonal average.
The multifamily segment is more active than the detached segment, contributing to more balanced market conditions.
The MLS® Home Price Index composite benchmark price for all residential properties is $1,196,500, a 4.4% increase over October 2022 but a 0.6% decrease compared to September 2023.
Detached home sales reached 577 in October 2023, a 0.7% decrease from October 2022, with a benchmark price of $2,001,400 (5.8% increase from October 2022).
Apartment home sales totaled 1,044, a 4.9% increase from October 2022, with a benchmark price of $770,200 (6.4% increase from October 2022).
Attached home sales in October 2023 were 356, a 6.6% increase from October 2022, with a benchmark price of $1,100,500 (6% increase from October 2022).
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