Vancouver’s housing market saw an increase in home sellers and a decrease in buyer demand over the month of September.
The Real Estate Board of Greater Vancouver reports that residential home sales in the region decreased by 46.4% from September 2021 to September 2022. August 2022 to September 2022 saw a 9.8% decrease in homes sold.
“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. “This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.” The Bank of Canada is said to release their next interest rate decision on October 26.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,971, an eight per cent increase compared to September 2021 (9,236) and a 3.2 per cent increase compared to August 2022 (9,662).
“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lis said. “With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.”