🏡 **Metro Vancouver Housing Market Update - October 2023** 📊
**Market Overview:**
An increase in newly listed properties is offering more options to home buyers in Metro Vancouver. However, sales are still below long-term averages, reflecting a market where demand is not as strong as expected.
**Sales Statistics:**
- Residential sales in October 2023: 1,996, a 3.7% increase from October 2022 (1,924).
- Sales are 29.5% below the 10-year seasonal average for October (2,832).
**Supply and Demand:**
- Newly listed properties: 4,664, a 15.4% increase from October 2022 (4,043).
- Total properties listed for sale: 11,599, a 12.6% increase from October 2022 (10,305).
**Sales-to-Active Listings Ratio:**
- Ratio for October 2023: 17.9%
- By property type: 12.9% for detached homes, 20.9% for attached, and 21.5% for apartments.
**Market Conditions:**
- Market conditions are adjusting towards more balance with increased supply and slower sales.
- The multifamily segment is more active than the detached segment.
**Home Prices:**
- MLS® Home Price Index composite benchmark price: $1,196,500.
- Represents a 4.4% increase over October 2022 and a 0.6% decrease compared to September 2023.
**Property Type Breakdown:**
- Detached home sales: 577, benchmark price $2,001,400.
- Apartment home sales: 1,044, benchmark price $770,200.
- Attached home sales: 356, benchmark price $1,100,500.
**Affordability and Borrowing Costs:**
- Higher borrowing costs are constraining affordability.
- Price increases have slowed with more balanced market conditions, maintaining purchasing power.
**Conclusion:**
The market is experiencing more balanced conditions with increased supply and slower sales. While borrowing costs impact affordability, the current balance in market conditions offers a steady purchasing power for buyers. 🏠📈 #MetroVancouverRealEstate #HousingMarketUpdate #RealEstateTrends
