October 2023 Real Estate Market Update for Greater Vancouver

Written by Caroline Yuen on November 3, 2023.

The Greater Vancouver Real Estate Board (REBGV) has announced that there were 1,996 residential transactions in the area for October 2023, marking a 3.7% rise compared to the 1,924 transactions noted in the same month of the previous year, October 2022. Nevertheless, this figure represents a 29.5% fall from the 10-year October average, which stands at 2,832 sales.

In October 2023, Metro Vancouver saw a total of 4,664 detached, attached, and apartment properties added to the Multiple Listing Service® (MLS®) for sale, showing a 15.4% uptick from the 4,043 properties listed in October of the prior year, 2022. The number of new listings is also 4.8% higher than the 10-year average of 4,449 for October.

For October 2023, the sales-to-active listings ratio for all residential property categories—detached, attached, and apartments—stands at 17.9%. Breaking it down by property type, detached homes have a ratio of 12.9%, attached homes are at 20.9%, and apartments have a ratio of 21.5%.

In October 2023, there were 577 detached homes sold, which is a slight dip of 0.7% from the 581 sales documented in October the previous year. The benchmark price for detached homes stood at $2,001,400, marking a 5.8% rise from October 2022, but a marginal decline of 0.8% from the preceding month, September 2023.

Apartment home sales saw an uptick, with 1,044 units sold in October 2023, representing a 4.9% increase from the 995 units sold in the same month in 2022. The benchmark price for an apartment home was $770,200, showing a growth of 6.4% from October of the prior year and a slight increase of 0.2% from September 2023.

Sales of attached homes amounted to 356 in October 2023, up by 6.6% in comparison to the 334 sales in October 2022. The benchmark price for a townhouse reached $1,100,500, which is a 6% rise from October of the preceding year and a small 0.2% increase from the previous month, September 2023.

Data sourced from https://www.rebgv.org/