The October stats for Greater Vancouver have shown benchmark sale prices and number of sales per month have continued to decline month over month.
Specifically, benchmark sale prices have decreased by 9.2% over the last 6 months and 0.6% since September. However, benchmark sale prices still remain slightly elevated relative to October last year.
The number of sales this October was 33.3% below the 10-year October average. Increased borrowing costs are continuing to reduce the number of sales per month.
For those currently looking to purchase, the Greater Vancouver Real Estate Board has stated, “with the possibility of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible.”
With properties remaining on the market longer, buyers do have more selection and time to explore.
If you have any specific questions, give us a call!
Source: The Real Estate Board of Greater Vancouver