Home sellers were more active in Metro Vancouver’s housing market last month, while home buyer demand remained below the region’s long-term averages.
That’s according to the Real Estate Board of Greater Vancouver (REBGV), which reports that residential home sales this September saw a 46.4 per cent decrease from the sales recorded in September 2021, and a 9.8 per cent decrease from the homes sold in August 2022.
Last month’s sales were also 35.7 per cent below the 10-year September sale average.
“With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,” said Andrew Lis, REBGV director, economics and data analytics, in a news release.
“This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly,” he said.
The REBGV notes that the benchmark price for a detached single-family house in Ladner this September was $1,355,600, down almost five per cent from the previous month, while still up just over three percent compared to September 2021.
The benchmark price for a townhouse in Ladner and Tsawwassen this September was $919,100 and $932,900 respectively.
The benchmark for a condo in Ladner and Tsawwassen last month was $708,900 and $733,000 respectively.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) says continued slowing sales and a slight rise in inventory this September combined to bring greater stability to the Fraser Valley housing market.
The FVREB processed 11.8 per cent fewer sales compared to this August, and a 51.9 per cent decrease compared to September 2021.
According to the FVRB, the benchmark price for a detached house in North Delta last month was $1,298,200. That’s down 3.5 per cent compared to August 2022, while almost unchanged compared to September 2021.
The benchmark price this September for a North Delta townhouse was $879,500 and for a condo it was $554,500.
