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.
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