Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October.
Home sales totaled 1,903 that is a 46% decrease compared to October 2021 and a 13% increase compared to September 2022.
Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options. With the possibility of yet another rate hike by the Bank of Canada this December, it is very important to secure financing as early in the process as possible.
Sales numbers are down but inventory levels are actually at multi-year low. When I entered the industry many years ago, we had inventory levels at 20,000 homes for sale but right now we are at 50%, closer to 10,000 homes for sale.
All these factors from inflation, interest rates, inventory levels are causing big variations in the marketplace - we are still seeing multiple offers on selected products for our sellers to some amazing deals & discounts for our buyers. This is a unique market to navigate.
I find this year’s market to be very similar to 2018. Will 2023 follow in the footsteps of 2019? If you are looking to buy, sell or have real estate questions, please contact me.
Victor Song PREC*
Royal LePage Sterling Realty