The Real Estate Board of Greater Vancouver says the region continues to see an increase in newly listed properties, but sales still lag behind long-term trends.
The board says October home sales totalled 1,996, a 3.7 per cent increase from the 1,924 sales recorded the same month last year. But the total was 29.5 per cent below the 10-year seasonal average of 2,832 for October.
There were 4,664 new listings of detached, attached and apartment properties last month, a 15.4 per cent increase from a year earlier, as new listings were 4.8 per cent above the 10-year seasonal average.
The composite benchmark home price in October for Metro Vancouver was $1,196,500, a 4.4 per cent increase from October 2022 and a 0.6 per cent decrease from September 2023.
Andrew Lis, the board’s director of economics and data analytics, says there appears to be a continuation of sellers’ renewed interest to participate in the market, but this is being counterbalanced by a lack of demand from buyers amid high borrowing costs.
He says the “silver lining” for buyers is that price increases have levelled off thanks to more balanced market conditions.