October in Vancouver was a little less robust than September. And yet it was still a strong month in terms of market activity.
Sales fell -4.2% from 978 last month to 937 in October (this was +14% year-over-year). But this was still nearly 16% over the 10 year average for the month.
It appears as though we likely saw the top for total listing inventory for the year. Both New Listings (-13.3%) coming onto the market as well as Active Listings (-4.2%) fell in comparison to September.
The hottest market remained East Vancouver…for all housing types. All three are seeing a Seller’s Market (although my weekly analysis is showing this has been weakening a bit as the month of October came to an end).
Westside all housing types are in a Balanced Market. The hottest being houses (particularly the lower end) and the slowest being apartment condominiums.
We are continuing to see the impact of the pandemic on the housing market. The public is prioritizing housing over proximity to work and interest rates remain extraordinarily low.
It’s likely that we will see activity levels drop in the next couple of months as we get closer to the holidays. Already, my New Listings - October 2020 - Monthly Vancouver Real Estate Update