Home sales in Vancouver area continue downward trend, real estate board says
Slight bump last month but sales down 45.5% compared to October 2021, according to REBGV
The Real Estate Board of Greater Vancouver says home sales are continuing a downward trend, even as the numbers showed a 12.8 per cent increase between September and October.
Last month's sales totalled 1,903, which was a 45.5 per cent decrease compared to October 2021 and 33.3 per cent below the 10-year October sales average.
The board attributed the ongoing slowdown to inflation and rising interest rates, which have led many buyers and sellers to re-assess purchasing or listing a home.
As sales remain near historic lows, the board says the number of listings is on the rise, causing home prices to recede from the record highs reached in spring 2022.
The composite benchmark price for the area covered by the REBGV sat at $1,148,900, up 2.1 per cent from October 2021, but down 0.6 per cent from September and 9.2 per cent over the past six months.
There were 4,033 new listings in the market last month, a 0.4 per cent decrease compared to October 2021 and a 4.6 per cent drop from this September.
"Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from," said Andrew Lis, the board's director of economics and data analytics, in a written statement.
"Today's market cycle is a marked departure, with a slower pace of sales and more selection to choose from."
The areas and municipalities covered by the REBGV are Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver and Whistler.
- A previous version of this Canadian Press story stated that home sales fell by 12.8 per cent between September and October. In fact, they increased by 12.8 per cent.Nov 02, 2022 12:24 PM PT