The stats are in!
The Metro Vancouver statistics for September have shown an increase in the number of new listings and a continued decrease in the number of sales. September sales were 35.7 % below the 10 year September average.
As the number of sales per month continues to drop, benchmark sale prices are coming down. The average Greater Vancouver detached home sale price fell 2.4 % relative to August 2022, and apartments fell 1.6 %.
With more listings accumulating on the market, buyers are more in control and have an increasing number of choices.
The next Bank of Canada interest rate announcement is scheduled for October 26. Whether we will see a further increase is not yet certain but is highly possible. If you are considering purchasing property in the short – mid-term, speaking with a well-versed mortgage broker or mortgage specialist prior to the announcement is advisable.
We can help connect you with a mortgage broker or mortgage specialist to fit your needs.
Have any real estate questions? Give us a call!
Source: Real Estate Board of Greater Vancouver
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