In October, the sales and listings activity for detached homes on the Westside remained below the long-term averages. Compared to the 10-year average, the supply of detached homes decreased by 9%, while apartments increased by 26%, and townhomes increased by 27%.
Similarly, the demand for properties on the Westside also saw a decline when compared to the 10-year average. The demand for detached homes decreased by 29%, apartments decreased by 33%, and townhomes decreased by 17%.
As for the median home prices, In October, detached home prices are down 20.6% from their peak in August 2023. Apartment prices decreased by 4% from their peak in January 2018, and attached home prices declined by 6.2% from their peak in February 2022.
In October, residential property sales in the Greater Vancouver region showed an increase of 3.7%, reaching 1,996 sales compared to 1,924 sales in October 2022. However, this is still 29.5% below the 10-year October sales average.
The benchmark price for all residential properties in Metro Vancouver rose by 4.4% from October 2022, reaching $1,196,500, and showing a 0.6% increase from the previous month.
The number of properties currently available for sale on the MLS system in Metro Vancouver increased by 12.9% compared to October 2022, to a total of 11,599 listings. This figure is still .6% above the 10-year seasonal average of 11,526 listings.
We have a supply of homes just .6% above the 10 year average and our demand is 29.5% below the 10 yer average so it is amazing that the prices are still as strong as they are and it leads me to refer to our market as defying gravity.
We are also further into the mortgage renewal cycle and many owners who purchased with favourable rates are now coming into renewals at much higher rates. For those owners unable to access funds from other sources to pay down their mortgages, the question is whether they will be forced to sell and what that will do to prices?
The fact that interest rates did not jump creates stability but the rates are still high and any increase will have a negative effect on sales and prices
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