'A totally different market': Home sales, prices continue to decline in Metro Vancouver
The number of home sales in the Vancouver area dropped further in September, as higher interest rates continued to cool the region's hot housing market.
The Real Estate Board of Greater Vancouver released data Tuesday showing a 46.4 per cent decline when compared to the same time last year and a 9.8 per cent decline from August. Compared to the 10-year average, they were down 37.5 per cent.
"We saw kind of a continuing trend that we've experienced in Metro Vancouver over the last six months, which is fewer homebuyers active in the marketplace and a bit of an uptick in the number of sellers listing their properties for sale," explained the REBGV's Craig Munn.
"What we're really seeing right now is a market that's in transition."
Potential buyers are being deterred by both the interest rates and the broader inflationary trends that are making everything from food to fuel more expensive in the province. That decrease in demand, Munn said, is increasing available supply and driving prices down.
The benchmark price for all types of property for September was $1,155,300. While that is slightly higher than it was at the same time last year, it represents an 8.5 per cent decline over the past six months, according to the board's report.
"For people looking to get into the market, it's an interesting time," Munn said. "We're coming out of a period where there were record sales and it was a difficult time for buyers. They didn't have much time to make decisions, there was a lot of competition over fewer homes for sale. It's a totally different market today."
However, Munn also notes that these numbers paint a picture of activity across the entire region and doesn’t capture what is happening in different cities and neighbourhoods. In the suburbs, where home prices spiked earlier on in the COVID-19 pandemic, the decline in price is in the double-digits. He cites Port Coquitlam, Maple Ridge and Pitt Meadows as some examples.
"In a short period of time, some of those areas saw the largest increases in pricing and now we're seeing there's not as much stickiness perhaps to it," he said.
Both buyers and sellers, Munn said, will have to consider how to adapt to the changing conditions.
"It's really critical for individuals to look at their own individual circumstances, work with their Realtors do their homework to understand how today's conditions might benefit them or where there might be some risks that they need to take into consideration."
The full report form the REBGV is available online.
With files from CTV Vancouver's Spencer Harwood
CTVNews.ca Top Stories
Biden pardons his son Hunter despite previous pledges not to
U.S. President Joe Biden pardoned his son, Hunter, on Sunday night, sparing the younger Biden a possible prison sentence for federal felony gun and tax convictions and reversing his past promises not to use the extraordinary powers of the presidency for the benefit of his family.
Canada Post presents union with 'framework' to reach deal as strike continues
Canada Post has presented the union representing some 55,000 striking postal workers with a framework to reach negotiated agreements, the corporation said.
'Devastating': Missing Surrey, B.C. teen found dead, family says
The family of a missing 18-year-old, who was last seen in Surrey over a month ago, says there has been a tragic end to the search.
opinion Are you overpaying for subscriptions? It's time for an audit
From streaming platforms and apps to gym memberships and meal kits, subscriptions are convenient, but it's easy to overlook how much you're spending. Personal finance contributor Christopher Liew offers tips on how to audit your subscriptions to save money.
Elton John says he has lost his eyesight and struggles to see his new stage musical
Elton John says he struggled to watch his new musical because he has lost his eyesight after contracting an infection.
PM Trudeau 'surprised' provinces unanimous on accelerated defence spending: Ford
Ontario Premier Doug Ford says his fellow provincial leaders are united in pushing for Canada to meet its NATO defence spending targets ahead of schedule, and that Prime Minister Justin Trudeau was 'surprised' to hear it.
Muskoka reacts to major snowfall, Highway 11 still closed
From road closures, power outages, weather declarations and nonstop shoveling, Muskoka residents were faced with nearly a metre of persistent snowfall this weekend.
Stellantis CEO resigns as carmaker sales continue to slump
Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales.
56 people killed in stampede following clashes at a Guinea soccer match, authorities say
Fifty-six people were killed and several injured in a stampede at a soccer stadium in southern Guinea, following clashes between fans, Guinea's government said Monday.