Dear Stuart,

The supply of westside detached homes in October was 597, down 10% from 663 in September and down 12% compared to 681 last year in October 2021. 

Sales of westside detached homes this October increased 41% from Sept (72 vs 51) and were 31% lower than October 2021. This is 35% lower than the October ten year average of 111 sales.

Months of Supply, (MOS) in October is down 36% from last month to 8.3 from 13 in September and up 27% from October 2021. (A balanced market keeping prices relatively flat now appears to be 7 to 10 MOS). The October average price was down 14% from September at $3.733M and the median detached home price also decreased 12% to $3.101M. Current prices are down 18% on average & 19% on median from the peaks in Oct 2017 and Jul 2017. 

The highest sale price for a Westside detached home in October was $20M. It was on the market for 165 days before it sold. The lowest price was $1.86M. It was on the market for 38 days. Of the 72 sales, 7 received the asking price or more and 65 sold below the asking price.

Westside apartment supply increased slightly (1.4%) in October to 1470 from 1450 in September and decreased 2% from the 1500 listings we had in October 2021. At the same time, demand increased 10% to 236 sales from 214 sales in September and this is down 44% from 418 sales in October 2021. Apartment sales are down 34% from the ten year average of 358 sales.

MOS in September decreased 8% to 6.2 from 6.8 in September and this is up 74% from 3.6 in October 2021.

The average price in October increased 8.5% ($1040 v $958K) from September 2022 and was up 5.7% from October 2021. The median price was up 1.3% from September ($820 v $809) and is down 1.2% from October 2021. Average prices are still down by 13% from the peak of $1.199M and median prices are down 7% from the peak in January 2018.

Westside townhouse supply increased 12.4% in October from September (281 vs 250), and was up 31% from October 2021 (281 v 214). Demand in October is down slightly from September (33 vs 34 sales) and down 51% from last October 2021 (33 v 67). Attached home sales are down 41% from the 10 year average of 56 sales.

With supply up and demand relatively unchanged, current MOS increased 16% to 8.5. That is up 167% from 3.2 in October 2021.

Townhouse average prices at $1.551M in October were down 3.8% from September and were down 6.5% from $1.659M last October 2021. Median prices are down in October from September (1.48M v 1.62M) and are down 2% from October 2021. The average price is down 16.3% from the peak of $1.854M in Nov. 2021. The median price is down 18% from the peak of $1.799M in February 2022.

Compared to the 10 year average, the westside supply was down 13% for detached homes, up 8% for apartments but up 24% for townhomes.

Compared to the 10 year average, the westside demand was down 35% for detached homes, 34% for apartments and 41% for townhomes.

Median home prices in October are down 13.5% for detached homes (peak Oct.2017), up 1.3% for apartments (peak Jan.2018) and down 9% (peak Feb.2022) for attached homes.

Inflation & rising interest rates continue to dog the westside real estate market. I am surprised the recent announcement prohibiting foreign buyers from buying Canadian property and the upcoming 3 day buyer recision period, both which disenfranchise current home owners, has not had more of a reaction from those property owners. 

Prices in Oct. 2022 were down from Oct. 2021 and Oct. 2020.

The Real Estate Board of Greater Vancouver (REBGV) METRO report says that residential property sales in the region decreased 45.5% to 1903 in Oct. from 3494 sales in Oct. 2021. This is a 12.8% increase from the 1687 homes sold in Sept. 2022 and 33.3% below the 10 year Oct. sales average.

The total number of properties currently offered on the MLS® system in Metro Vancouver is 9852, up 22.6% compared to Oct. 2021 and down 1.2% from 9971 last month. 

The Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for all residential properties in Metro Vancouver is $1,148.900 which is a 2.1% increase over Oct. 2021 but is down .6% from last month.

For all property types, the sales-to-active listings ratio for Oct. 2022 is 19.3%. For detached homes it is 14.3%, attached homes are 21.6% and apartments are 23.2%.

Downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while upward pressure occurs when it surpasses 20% over several months.

Westside numbers suggest the Oct. price decreases bring them back in line with market activity. The foreign buyer prohibition (Jan.1/2023) may encourage foreign buyers to act before they are blocked from buying. So prices may stay elevated until the new year when the interest rates, government policy and rising supply have their full effect.

Home of the Free, Because of the Brave

We will not forget 🌺

Best regards,

Stuart