November 2023 Market Update

Summary of REBGV Market Statistics - October 2023

In October 2023, the Metro Vancouver housing market experienced an increase in newly listed properties, offering more choices to potential home buyers. However, sales remained below long-term averages, with 1,996 residential sales, marking a 3.7% increase from October 2022 but remaining 29.5% below the 10-year seasonal average. More properties were listed for sale, including detached, attached, and apartments, with a 15.4% increase compared to the previous year. Despite the increased supply, demand was weaker, resulting in a more balanced market condition. The MLS® Home Price Index showed an overall benchmark price increase of 4.4% year-over-year, with variations in prices and sales for detached, apartment, and attached homes. The market seemed to favour multifamily properties over detached homes, and price increases had slowed down due to these more balanced market conditions.
Detached - North & West Van & Greater Vancouver
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