Vancouver Real Estate Market Overview for October 2023

Metro Vancouver’s real estate market is offering more options for buyers with an uptick in new listings, although sales are still trailing behind the long-term averages. October 2023 saw a slight increase in residential sales compared to last year, but the figures were nearly 30% below the 10-year average for the month. The Real Estate Board of Greater Vancouver highlighted a 15.4% rise in new listings this October compared to the same period last year, surpassing the decade’s average. Despite this, the current demand isn’t as robust as expected for the season.

The overall inventory on the market has also seen an increase from last year and is just above the 10-year average. The sales-to-active listings ratio suggests the market is leaning towards a balance, with multi family homes being more active than detached homes. High borrowing costs are impacting affordability, but the shift towards a balanced market has paused price hikes, offering some stability for buyers’ purchasing power for now.

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 understand what’s really going on in your neighbourhood.

Downtown Vancouver:

Market Type: Buyers Market at 11% Sales Ratio average (1.1 in 10 homes selling rate)
Housing Prices: Homes are selling on average 1% below list price
Most Active Price Band: Homes between $500,000 – $600,000 with average 27% Sales Ratio (Sellers Market)
Opportunity for Buyers: Homes minimum $5 mil, Coal Harbour and 3 bedroom properties
Opportunity for Sellers: Selling homes in the Westend and up to 1 bedroom properties

Vancouver Westside:

Detached Housing

Market Type: Balanced Market at 12% Sales Ratio average (1.2 in 10 homes selling rate)
Housing Prices: Homes are selling on average 1% below list price
Most Active Price Band: Homes between $2.75 mil to $3.5 mil with average 34% Sales Ratio (Sellers market)
Opportunity for Buyers: Homes minimum $7.5 mil Arbutus, Shaughnessy, Southlands and minimum 7 bedroom properties
Opportunity for Sellers: Selling homes in Dunbar, Mackenzie Heights, SW Marine and up to 4 bedroom properties

Attached Housing

Market Type: Balanced Market at 18% Sales Ratio (1.8 in 10 homes selling rate)
Housing Prices: Homes are selling on average 100% of list price
Most Active Price Band: $500,000 to $700,000 with average 30% Sales Ratio (Sellers market)
Opportunity for Buyers: Homes between $2.25 mil to $2.5 mil in Marpole, Oakridge, South Cambie, South Granville and minimum 3 bedrooms
Opportunity for Sellers: Selling homes in Kitsilano, Point Grey and up to 1 bedroom properties

Vancouver Eastside:

Detached Housing

Market Type: Balanced Market at 16% Sales Ratio average (1.6 in 10 homes selling rate)
Housing Prices: Homes are selling on average 2% above list price
Most Active Price Band: Homes between $1.5 mil to $1.75 mil with average 40% Sales Ratio (Sellers market)
Opportunity for Buyers: Homes between $3 mil to $3.5 mil, Collingwood, Knight, Renfrew Heights, South Vancouver and Victoria
Opportunity for Sellers: Selling homes in Fraser and 3 to 4 bedroom properties

Attached Housing

Market Type: Sellers Market at 25% Sales Ratio average (2.5 in 10 homes selling rate)
Housing Prices: Homes are selling on average 1% below list price
Most Active Price Band: Homes between $700,000 – $800,000 with average 46% Sales Ratio (Sellers Market)
Opportunity for Buyers: Homes between $1.25 mil to $1.5 mil Downtown, South Vancouver and 3 bedroom properties
Opportunity for Sellers: Selling homes in Champlain Heights, Fraser, Hastings and minimum 4 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 Nov 1,2023 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.

Vancouver Real Estate Market Overview for October 2023