The Metro Vancouver housing market is showing clear signs of cooling as October sales figures reveal a continued slowdown, with home purchases falling substantially below seasonal norms. The latest data from the Real Estate Board of Greater Vancouver (REBGV) paints a picture of a market in transition, balancing between buyer caution and growing inventory.
Sales Slide Below Historical Norms
October proved to be a quiet month for property transactions across the Lower Mainland, with only 1,996 homes changing hands. This represents a significant 18.3% drop below the 10-year seasonal average, indicating a marked departure from the frenetic pace that characterized the market in recent years.
Inventory Builds as Listings Increase
While sales slow, available properties are accumulating across the region. The month ended with 12,233 active listings on the Multiple Listing Service® (MLS®), reflecting a 2.5% increase from September and a substantial 21.8% jump compared to October 2022. This growing inventory is gradually shifting market dynamics in favor of buyers.
Price Resilience Amid Cooling Demand
Despite the sales slowdown, benchmark prices across all property types demonstrated surprising stability. The composite benchmark price reached $1,196,500, showing a modest 0.4% increase from September and maintaining a 4.4% gain over the same period last year.
Property Type Breakdown
- Detached Homes: Sales totaled 575 with a benchmark price of $2,000,600
- Attached Homes: 318 sales recorded at an average price of $1,092,600
- Apartment Units: 1,103 condominium sales with prices averaging $768,500
Market Shifting Toward Balance
REBGV economists note that the sales-to-active listings ratio has dipped to 16.6% for detached homes, 21.5% for townhomes, and 22.1% for apartments. These figures suggest the market is moving toward more balanced conditions after years of favoring sellers.
"With sales activity lagging and inventory building, buyers are gaining more negotiating power," the report indicates. "This shift provides welcome relief for those who have been waiting on the sidelines during the intense seller's market of recent years."
The combination of higher borrowing costs, economic uncertainty, and seasonal factors appears to be tempering the previously red-hot Metro Vancouver housing market, creating new opportunities and challenges for both buyers and sellers heading into the winter months.
