October 2023 Real Estate Market Update: Steady Conditions with Balanced Trends

The real estate market in Metro Vancouver demonstrated steadiness in October 2023, as balanced conditions brought opportunities for both buyers and sellers. While sales remained below historical averages, increased inventory levels and moderated price growth signaled a market adjusting to ongoing economic pressures.

Key Highlights for October 2023:

• Sales Activity:

  • Residential sales reached 1,996, a 3.7% increase compared to October 2022.

  • While sales were 29.5% below the 10-year seasonal average, the market showed resilience in a challenging financial environment.

  • Detached homes: Slight 0.7% decrease year-over-year.

  • Apartments: Sales grew by 4.9%, maintaining steady buyer interest.

  • Townhomes: Increased sales of 6.6%, reflecting robust demand in this category.

• Listings and Inventory:

  • New Listings: Increased by 15.4%, providing buyers with more choices compared to October 2022.

  • Active Listings: Total inventory rose by 12.6%, exceeding the 10-year seasonal average by a modest 0.6%.

• Pricing Trends:

  • Benchmark Price: All residential properties were priced at $1,196,500, up 4.4% year-over-year, with a slight 0.6% decline from September 2023.

  • Detached homes: $2,001,400, steady growth with a 4.0% annual increase.

  • Apartments: $770,200, up 5.1% annually, showing consistent strength in this segment.

  • Townhomes: $1,100,500, reflecting a 4.8% year-over-year increase.

Market Conditions by Segment:

• Detached Homes:
  A sales-to-active listings ratio of 12.9%, indicating balanced conditions.

• Townhomes:
  Strong demand with a ratio of 20.9%, leaning toward a seller’s market.

• Apartments:
  Steady performance with a ratio of 21.5%, also in seller’s territory.

Regional Insights:

• Burnaby:
  Detached home prices remained stable across all areas, while townhomes in Burnaby South saw notable buyer activity.

• New Westminster:
  Apartments continued to attract buyers with affordability and accessibility as key drivers.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  Strong demand for townhomes and apartments underpinned price stability.

• Vancouver East and West:
  Both regions showed steady activity, with apartment prices holding firm and detached homes experiencing balanced conditions.

What This Means for Buyers and Sellers:

• For Sellers:
  Increased inventory offers more competition, making strategic pricing and marketing essential to stand out.

• For Buyers:
  Moderated price growth provides opportunities to enter the market or upgrade, particularly in areas with higher inventory levels.

Your Market Experts:

As the year draws to a close, understanding these trends is crucial for navigating the ever-changing real estate landscape. Whether buying, selling, or investing, contact me today to craft a strategy tailored to your needs.