Market Update October 2023

Metro Vancouver housing market holds steady in October VANCOUVER, BC – November 2, 2023 – An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver , but sales remain below long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, This total is 29.5% below the 10-year seasonal average (2,832) for October.

Increase in supply, is the fact sales remain almost 30% below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,599, a 12.6% increase compared to October 2022 (10,305).

With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions.

While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.