October Market Update - Dirks Real Estate

Key Facts

• Metro Vancouver home sales are down 45.5 % from last October 2021, and up 12.8 % from last month
• New Listings are down 0.4 % from last October 2021 and down 4.6 per cent from last month.
• Sales-to-active listings ratio by property type is 14 % for detached homes, 21 % for townhomes, and 23 % for apartments. 
• Detached home benchmark is $1,892,100. Thats up 1.6 % from last October 2021 and a down 0.7 % from last month.
• Condo benchmark is $727,100. That’s up 5.1 % from last October 2021 and down 0.2 per cent from last month.
• Townhome benchmark is $1,043,600. That’s up 7.1 per cent increase from October 2021 and down 0.5 % from last month. 

Considerations

• We are heading into the winter months, which historically see less sales
• Sales volumes are now as low as 2008, post financial crisis. The only difference is we have half the listings compared to the market at that time. 
• This is one of the contributing factors to why prices haven’t dropped further
• The Canadian Government announced new immigration targets of 485,000 new immigrants in 2024 and then 500,000 new immigrants in 2025. This influx of home buyers and renters will create demand that will hopefully help get the market back on it’s feet again.