October 2022 Market Update

October 2022 Market Update:

Rising interest rates and inflation headlines are leading factors as to why many buyers and sellers are engaging in one big staring contest at the moment.This has impacted sales activity across Metro Vancouver which has continued to trend below historical averages in October. While inventory still remains low, we have seen an increase in sales across all markets from last month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,903 in October 2022, a 45.5% decrease from the 3,494 sales recorded in October 2021, and a 12.8% increase from the 1,687 homes sold in September 2022.

In this market it is important that buyers understand each micro-market they want to be in and ensure you’re working with a real estate advisor that is actively monitoring the market so you can find the right opportunity that fits within your goals. There are still opportunities to buy in a more balanced market, and both buyers and sellers have more time to do their due diligence. We are seeing more “subject to sale” in offers but the key is trying to align seller and buyer expectations which have been more difficult to navigate. Buyers want a discount and some sellers still have 2021 price expectations. The “sexy” inventory is still selling (and sometimes in multiple offers) but homes with a few objections really need to be priced right. Sellers who need to sell need to adjust their price expectations but inventory levels will be something to watch towards the end of the year and into the new year. There could still be some windows of opportunity for sellers in this market before the end of the year.

We often find the statistics can be broad, and you might wonder “How does this relate to my home?”  We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understanding what’s really going on.

Downtown Vancouver: 

• Market Type: Balanced Market at 14% Sales Ratio average (1.4 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% below list price
• Most Active Price Band: $500,000 to $600,000 with average 39% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.25 mil to $2.5 mil, Coal Harbour and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Yaletown and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 13% Sales Ratio average (1.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 4% below list price
• Most Active Price Band: $1.25 mil to $1.5 mil with average 55% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.75 mil to $3 mil, Collingwood, Knight, Victoria and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Hastings Sunrise, Killarney and 3 to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 24% Sales Ratio average (2.4 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 4% below list price
• Most Active Price Band: $400,000 to $600,000 with average 42% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $1 mil to $1.5 m il, Downtown, Hastings, Killarney, South Marine and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser, Mount Pleasant and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Balanced Market at 13% Sales Ratio average (1.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: $2.25 mil to $2.5 mil with average >110% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $5.5 mil to $6 mil, Cambie, Marpole, Shaughnessy and South Granville
• Opportunity for Sellers: Selling homes in Point Grey, Southlands and up to 2 bedroom properties

Attached Housing

• Market Type: Balanced Market at 19% Sales Ratio average (1.9 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: $500,000 to $600,000 with average 42% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.25 mil to $2.5 mil, Oakridge, Quilchena, South Cambie and minim um 3 bedroom properties
• Opportunity for Sellers: Selling homes in Kitsilano and up to 1 bedroom properties

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on November 2, 2022 from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.