Housing supply still outpacing demand in Vancouver market as sales increase
BNN Bloomberg
The Real Estate Board of Greater Vancouver says the region continues to see an increase in newly listed properties, but sales still lag behind long-term trends.
The board says October home sales totalled 1,996, a 3.7 per cent increase from the 1,924 sales recorded the same month last year. But the total was 29.5 per cent below the 10-year seasonal average of 2,832 for October.
There were 4,664 new listings of detached, attached and apartment properties last month, a 15.4 per cent increase from a year earlier, as new listings were 4.8 per cent above the 10-year seasonal average.
The composite benchmark home price in October for Metro Vancouver was $1,196,500, a 4.4 per cent increase from October 2022 and a 0.6 per cent decrease from September 2023.
