An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, and sales remain below long-term averages.
The Real Estate Board of Greater Vancouver reports that residential sales in the region totalled 1,996 in October 2023, a 3.7% increase from the 1,924 sales recorded in October 2022. This total is 29.5% below the 10-year seasonal average (2,832) for October.
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. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time.
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.
Focusing on the Downtown Vancouver condo market in October 2023, activity is down, prices are down and inventory is up, way up.
The under $900,000 market is selling at 17%, 79 out of 461 homes are selling, down 3% from last month.
The $900,000 to $1,000,000 market is selling at 9%, 7 out of 78 homes are selling, down 3% from last month.
The $1,000,000 to $1,250,000 market is selling at 8%, 8 out of 99 homes are selling, same as last month.
The $1,250,000 to $2,000,000 market is selling at 11%, 24 out of 224 homes are selling, up 4% from last month.
The $2,000,000 to $2,500,000 market is selling at 7%, 4 out of 57 homes are selling, down 2% from last month.
The $2,500,000 to $3,000,000 market is selling at 0%, 0 out of 56 homes are selling, down 2% from last month.
The $3,000,000 to $5,000,000 market is selling at 3%, 2 out of 79 homes are selling, up 2% from last month.
The $5,000,000 plus market is selling at 2%, 1 out of 43 homes are selling, down 4 % from last month.
Total unit sales in Downtown Vancouver were the same as last month and have decreased by 2% from October 2022.
Those who are priced correctly for this market are selling on average at a rate of 16 days which is down from 17 days last month.
The median price increased 3% from last month, and the median price has increased 4% from October 2022.
The average price per square foot increased from $1,132 in September to $1,068 in October.
Our Downtown Vancouver inventory increased by 3% from last month with 1097 active listings and up 23% from October 2022.
Sellers’ best bets still remain 1 bedroom condos in the West End. And the buyers’ best bets are units priced over $5 million, in particular in Coal Harbour.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian