October 2022 – Monthly Vancouver Real Estate Update

Vancouver Real Estate – Monthly Market Update – Infographic – October 2022

Sales were up (+11.9%) last month over the previous month, but down (-45.5%) from a year ago....and down a very significant -32% from the 10-year average.

We typically see a bump in sales in October over September, so I wouldn't read too much into the monthly increase. What's most significant is that big drop from the 10-year demand clearly remains well below typical levels for this time of year.

New Listings (-4.1% m-to-m) and Total Active Listings (-5.1% m-to-m) both edged lower from the previous month...and both are around 7% off the 10-year average.

These supply numbers indicate that supply is also shrinking. In fact, this is the fourth month in a row that we saw a decline in Total Active Listings (from a high of 3945 back in June). This is unusual at this time of year as the fall season usually sees a bumb in listing activity.

Combined, these numbers tell me that both buyers and sellers are hesitant to act in today's market. Economic headlines and rising interest rates are having their effect...but also, Vancouver property owners are not panicking and heading for the exits.

It seems clear that most owners understand that today's market is not indicative of a collapse. They are not heading to the exits, desperate to unload their investments. Rather, it's a healthy adjustment and a normal part of a market cycle.

But, that's also leading to some degree of frustration from buyers (a familiar theme in our real estate market over the last few years). While deals and opportunity exist, motivated buyers are not finding firesales or an abundance of options.Vancouver Real Estate Statistics – October 2022 – Total Active Listings

Vancouver Real Estate Statistics – October 2022 – New Listings
Vancouver Real Estate Statistics – October 2022 – Sales


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.