Infographic: Greater Vancouver Residential Real Estate October 2023
BY Justin Mitchell, Adam Lawrence, Megan Johal & Sam Taktsang
In October, the housing market in Metro Vancouver witnessed a slight recovery in the home prices for townhomes and apartments, as well as an increase in the number of sales for all property types. Despite hesitation caused by interest rate uncertainty, the rising sales show a return to a typical market following the summer months.
These residential market statistics from the Real Estate Board of Greater Vancouver provide insight into the current state of the residential home market, including home values, which directly impact the development land market. Contact us today if you would like to learn what your property is worth on the development land market.
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KEY TAKEAWAYS FROM OCTOBER 2023 GREATER VANCOUVER RESIDENTIAL MARKET
Following a three-month fall in sales across the Greater Vancouver, all property types experienced an increase in sales for the month of October.
Active listings for townhomes and condos increased in both the month-over-month and year-over-year comparisons, indicating an increase in the available inventory and sellers’ willingness to participate in the market.
The Home Price Index composite benchmark price for all properties increased an average of 6.6% compared to October of 2022, though detached homes saw a minor decrease in the benchmark price when compared to September of 2023.
HPI Benchmark Price of Detached Homes
The decrease in the HPI benchmark price for detached homes in Metro Vancouver continues to fall for the second consecutive month. Despite this reduction, the year-over-year comparison indicates growth of 6% when compared to the same month in 2022.
Sale Price As a Percent of Original List Price
The average sale price as a percentage of original list price decreased slightly from their original list prices between September 2023 and October 2023. However, it’s important to note that these percentages can fluctuate based on various factors such as market conditions, supply and demand dynamics, and individual property characteristics.
Days on Market
In October, detached homes and townhomes spent less time on the market than the preceding month, at 31 and 21 days respectively. Condos experienced no change in the number of days on the market.
GREATER VANCOUVER RESIDENTIAL REAL ESTATE: october 2023 statistics in infographics
Sales To Active Listings Ratio
The sales-to-active listings ratio for all property types in Metro Vancouver saw marginal recovery from September, with an increase of 2.4% and 0.9% for detached homes and condos, respectively. The ratio for townhomes decreased to 20.9%, a result of fewer sales and an increase in the number of listings.
HPI Benchmark Prices
The Home Price Index (HPI) measures the price of a benchmark, or typical, property in a given market and is not influenced by the change in composition of properties sold, which can fluctuate quite significantly from month to month. As a result, this metric is a more pure and stable representation of market price change than average or median prices.
The gradual reduction in the HPI price for detached homes continues for the second consecutive month, decreasing 0.8% from September. The benchmark prices for townhomes and condos saw marginal increases of 0.2% each. Benchmark prices across all property types in Metro Vancouver continue to experience increases when compared to the same period in the previous year.
Sales • New Listings • Active Listings
The sales-to-active listings ratio helps gauge the market’s balance: high ratios indicate a seller’s market, while low ratios suggest a buyer’s market. The interplay between new listings and active listings affects overall inventory and provides insights for buyers and sellers to make informed decisions.
Please note: areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
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Sources: Breakside Real Estate Group, Real Estate Board of Greater Vancouver
This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.