Monthly Real Estate Market Report – October 2023

Spread the love

The latest report from the Real Estate Board of Greater Vancouver (REBGV) reveals a surge in newly listed properties, providing more choices for homebuyers in Metro Vancouver. October 2023 witnessed a notable rise in newly listed properties, offering a more diverse range for those in the market. Although residential sales experienced a modest uptick, they remained below long-term averages. The Multiple Listing Service® (MLS®) recorded 4,664 newly listed properties, a 15.4% rise from October 2022. With a total of 11,599 properties on the MLS®, a 12.6% increase from October 2022, the market is showing signs of balance.

“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 we’ve been watching this fall. 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.”

Andrew Lis, REBGV director of economics and data analytics