That’s a whopping 45.5 per cent decrease from the 3,494 sales recorded in 2021, and a 12.8 per cent increase from the 1,687 homes sold in September 2022.
Home sales across all property types were hit hard last month, with detached homes, apartments and attached homes seeing sales declines of over 40 per cent.
Home prices rose across all property types as well. The average price of apartments, detached homes, and attached homes rose month-over month by 5.1 per cent, 1.6 per cent, and 7.1 per cent, respectively.
“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” Andrew Lis, REBGV’s director of economics and data analytics said. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”
There were 4,033 detached, attached and apartment properties newly listed for sale on the Multiple Listings Service® (MLS®) in Metro Vancouver in October 2022 – 4.6 per cent less than in September, and 0.4 per cent less than in October 2021.
While new home listings have gone down, the supply of housing in Metro Vancouver is trending upward month-over-month – meaning homes are staying on the market longer. Right now, there are a total of 9,852 homes currently listed for sale on the MLS® service in Metro Vancouver.
“Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from. Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from,” Lis said. “This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence. With the possibly of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible.”
For all property types, the sales-to-active listings ratio for October 2022 is 19.3 per cent.
Analysts generally agree that home prices drop when the ratio dips below 12 per cent for a sustained period. On the flip side, home prices tend to increase when it surpasses 20 per cent for several months.
The average price for all residential properties in Metro Vancouver currently sits at $1,148,900.
