An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, while sales remain below long-term averages.
That’s according to the numbers from the Real Estate Board of Greater Vancouver’s (REBGV) monthly market report for October, which notes that residential sales in the saw a 3.7 per cent increase from the sales recorded in October 2022.
However, that total is 29.5 per cent below the 10-year seasonal average for October.
“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” said Andrew Lis, REBGV Director of Economics and Data Analytics, in a news release. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”
According to the REBGV, the benchmark price for a single-detached house in Ladner last month was $1,423,000. That’s down 1.3 per cent from this September but up 5.5 per cent compared to October 2022.
The benchmark price for a single-detached house in Tsawwassen this October was $1,572,600. That’s down 1.4 per cent from the previous month but up 2.2 per cent compared to October 2022.
The October 2023 benchmark price for a townhouse in Ladner was $1,004,500 and in Tsawwassen it was $1,014,100, up 9.8 and 5.5 per cent respectively compared to a year ago.
The benchmark price for a condo in Ladner last month was $709,400, almost unchanged from the same time last year, while in Tsawwassen it was $677,500, down 1.4 per cent from October 2022.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) says property sales and new listings in the Fraser Valley fell again this October as consumers continued to put home buying and selling decisions on hold in the face of elevated interest rates.
The FVRB recorded on its Multiple Listing Service a drop of 12 per cent from the previous month and the fourth consecutive decrease since the 12-month high of sales recorded in June. According to the FVRB, the benchmark price for a detached single-family house in North Delta in October 2023 was $1,374,600, up eight per cent from October 2022. The benchmark price last month for a townhouse and condo was $958,600 and $578,200 respectively.