Home sellers were more active in Metro Vancouver\u2019s\u00a0housing market in September while home buyer demand remained below the region\u2019s long-term averages.<\/p>\n
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 1,687 in September 2022, a\u00a046.4 per cent decrease<\/strong>\u00a0from the 3,149 sales recorded in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022.\u00a0Last month\u2019s sales were 35.7 per cent below the 10-year September sales average.<\/strong><\/p>\n \u201cWith the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,\u201d said Andrew Lis, REBGV director, economics and data analytics. \u201cThis has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.\u201d<\/p>\n There were 4,229 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in September 2022. This represents an 18.2 per cent decrease compared to the 5,171 homes listed in September 2021 and a 27.1 per cent increase compared to August 2022 when 3,328 homes were listed.<\/p>\n The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 9,971, an eight per cent increase compared to September 2021 (9,236) and a 3.2 per cent increase compared to August 2022 (9,662).<\/p>\n \u201cWith fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,\u201d Lis said.\u00a0\u201cWith more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.\u201d\u00a0<\/strong>*Note: this inventory comment is very neighbourhood\u00a0specific, with many subareas still exhibiting extremely low inventory and little selection for buyers*<\/p>\n For all property types,\u00a0the sales-to-active listings ratio for September 2022 is 16.9 per cent.<\/strong>\u00a0By property type, the ratio is 12.4 per cent for detached homes, 18.4 per cent for townhomes, and 20.9 per cent for apartments.\u00a0Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.<\/p>\n <\/p>\n Home sellers were more active in Metro Vancouver\u2019s\u00a0housing market in September while home buyer demand remained below the region\u2019s long-term averages. The Real Estate Board of Greater Vancouver reports that … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/893"}],"collection":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/comments?post=893"}],"version-history":[{"count":1,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/893\/revisions"}],"predecessor-version":[{"id":894,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/893\/revisions\/894"}],"wp:attachment":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/media?parent=893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/categories?post=893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/tags?post=893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}