🏡 **Metro Vancouver Housing Market Update - October 2023** 📊
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.
- 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 are adjusting towards more balance with increased supply and slower sales.
- The multifamily segment is more active than the detached segment.
- 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.
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