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Metro Vancouver housing market holds steady in October
An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.
“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”
There were 4,664 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2023. This represents a 15.4 per cent increase compared to the 4,043 properties listed in October 2022 and is 4.8 per cent above the 10-year seasonal average (4,449) for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,599, a 12.6 per cent increase compared to October 2022 (10,305). This change is also 0.6 per cent above the 10-year seasonal average (11,526).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2023 is 17.9 per cent. By property type, the ratio is 12.9 per cent for detached homes, 20.9 per cent for attached, and 21.5 per cent for apartments.
Analysis of the historical data suggests…
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Welcome to the Greater Vancouver Monthly Statistics Report. This report provides a comprehensive overview of key indicators and trends in the Greater Vancouver area. Whether you're a resident, business owner, or just curious about the local economy, we've got you covered.
The Greater Vancouver housing market continues to exhibit robust activity as of July 2023. In the most recent data, the average home price surged by 8.5% compared to the previous month, setting a new record high at $1.25 million. This remarkable increase is influenced by persistent demand and constrained supply. The scarcity of available housing options, coupled with rising interest rates, has led to a marginal decline in home sales. Particularly noteworthy is the resilient demand for condos and townhouses, which remain an enticing prospect for first-time homebuyers in this competitive market.
Rental Market: The rental landscape in Greater Vancouver remains intensely competitive, showcasing a dynamic environment in July 2023. The average monthly rent for a one-bedroom apartment further ascended, escalating by 7% to reach $1,900. This escalation is driven by a growing population and a limited availability of affordable rentals. Prospective tenants are advised to commence their search well ahead of time and brace themselves for potential bidding wars, as the demand for rental properties persists.
Employment: The job market in Greater Vancouver remains on an encouraging trajectory as of July 2023. The unemployment rate has receded to an impressive 4.3%, demonstrating a substantial recovery from the economic setbacks of the pandemic. Spearheading this recuperation are the technology, healthcare, and construction sectors, which are experiencing notable job growth. As businesses progressively reopen and expand their operations, the outlook for job seekers is anticipated to further improve.
Tourism and Hospitality: The tourism and hospitality sector in Greater Vancouver is gradually rebounding from the repercussions of the COVID-19 pandemic, evident in the latest data available from July 2023. With the relaxation of travel restrictions, hotels and attractions are observing an upswing in bookings. The hotel occupancy rate for the month reached a commendable 75%, underscoring significant progress compared to earlier months. Despite these advancements, the industry remains confronted with challenges, including labor shortages and ongoing uncertainties associated with international travel.
Retail and Consumer Spending: Retail sales in the Greater Vancouver region continue their upward trajectory, propelled by burgeoning consumer confidence. July witnessed a 6% surge in retail sales, bolstered by robust performances in sectors such as apparel, electronics, and home improvement. The digital shopping trend persists, with e-commerce sales contributing significantly to overall retail figures. Local businesses are proactively adapting by amplifying their online presence and providing expedient delivery alternatives.
Transportation: Transportation infrastructure continues to be a focal point in Greater Vancouver, as evident in the latest developments through July 2023. Notable enhancements are observed in the public transit system, including the expansion of bus routes and the integration of electric buses. Progress in the construction of the Broadway Subway Line is underway, promising heightened connectivity between Vancouver and neighboring municipalities. Concurrently, efforts to advocate cycling and walking as sustainable modes of transportation are gaining momentum.
Sustainability: The commitment to sustainability and environmental consciousness remains resolute in Greater Vancouver. As of July 2023, initiatives aimed at waste reduction, energy conservation, and the promotion of electric vehicles persist. The completion of additional electric vehicle charging stations in the month exemplifies support for the burgeoning adoption of electric vehicles within the region.
Conclusion: July marks another month of promising developments for the Greater Vancouver area in 2023. The housing market continues its vigorous pace, navigating supply limitations, while the job market maintains its recovery momentum. Progress in the tourism and hospitality sector is evident, accompanied by a healthy uptick in consumer spending. Ongoing efforts to augment transportation infrastructure and foster sustainability remain at the forefront.
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