Vancouver home sales down 46% from last year, 13% from September: board

The Real Estate Board of Greater Vancouver says home sales continued to plunge in October, falling 45.5 per cent from the year before and 12.8 per cent from September.

Last month sales totalled 1,903 and were 33.3 per cent below the 10-year October sales average.

The board attributed the slowdown's continuation to inflation and rising interest rates, which have led many buyers and sellers to reassess purchasing or listing a home.

But as sales remain near historic lows, the board says the number of listings is on the rise, causing home prices to recede from the record highs reached in the spring of 2022.