October 2022 Greater Vancouver Real Estate Market Update

We hope everyone had a festive October between Thanksgiving and Halloween. Finally November has a arrived, a time to catch your breath and get ready for the busy next couple months.  

The Real Estate market is ever changing. Right now a lot of people seem to be a bit frozen and are unclear as to what they should be doing. This is very normal when there is uncertainty in the market. 

For that reason we thought it would be a great time to host a webinar "Buying and Selling in Todays Market." Our objective in this webinar is to shine some light on what is actually happening in the market, share our strategies we use to help our clients and ultimately help you to make smart choices. 

We are not going to tell you whether or not you should buy or sell right now, rather we want to give you some information to help with your personal decision making.

Keep scrolling to find more on Octobers housing market statistics separated by sub area. It's important to note that market trends in one area can differ largely from another, therefore, when discussing statistics we see value in both zooming in on each area as a separate entity in addition to looking at the general overarching trends.

As always, we are here for you, please don't hesitate to reach out if you have any questions or would like to see market information on your specific neighbourhood. 

Well said post by mortgage broker Faisal Vallani: 

The Bank of Canada surprised many of us last week with a 0.5% increase to the overnight lending rate (less than the expected 0.75%). Prime rate is now  5.95%.

BoC expects inflation to fall below 3% by the end of 2023 as higher borrowing costs curb spending. Tiff Macklem (Governor of the Bank of Canada) said this morning, “The tightening phase will draw to a close. We are getting closer, but we aren’t there yet.”

Important Things to Consider:

• Expectation is that rates will come down within 12-18 months (short term)
• Consider consolidating debt to allow for lower effective monthly payments
• adjustable variable rate mortgages - payment increase of $30/$100,000
• Non-adjustable variable rate mortgages - look at your lump sum and double-up options
• Don't rush to lock in' consider all options as we can now see the light at the end of the tunnel
• Less competition for BUYERS looking to enter the market
• Create a team and a plan! Engage your mortgage specialist, Realtor and financial advisors to custom tailor a plan for you

October Market Update

Attached Properties

Vancouver Downtown - Attached 

• Balanced market at 14% sales ratio average (1.4 in 10 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 3% below list price.
• Inventory: up by 1% over last month.
• Most Active Price Band: $500,000 to $600,000 with average 39% sales ratio (sellers market).
• Buyers Best Bet: homes between 2.25 mil  to $2.5 mil, Coal Harbour and 3 bedroom properties.
• Sellers Best Bet: selling homes in Yaletown and up to 1 bedroom properties.

• Balanced market at 19% sales ratio average (1.9 in 10 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 1% below list price.
• Inventory: up by 4% over last month.
• Most Active Price Band: $500,000 to $600,000 with average 42% sales ratio (sellers market).
• Buyers Best Bet: homes between $2.25 mil to $2.5 mil, Oakridge, Quilchena, South Cambie and minimum 3 bedroom properties.
• Sellers Best Bet: selling homes in Kitsilano and up to 1 bedroom properties.

• Sellers market at 24% sales ratio average (2.4 in 10 homes selling rate).
• Sales to List Price Ratio: homes are selling on average 4% below list price.
• Inventory: up by 7% over last month.
• Most Active Price Band: $400,000 to $600,000 with average 42% sales ratio (sellers market).
• Buyers Best Bet: home between $1 mil to $1.5 mil, Downtown, Hastings, Killarney, South and minimum 3 bedroom properties.
• Sellers Best Bet: selling homes in Fraser, Mount Pleasant and up to 1 bedroom properties.

Detached Properties

Vancouver Westside - Detached

• Balanced market at 13% sales ratio average (1.3 in 10 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 2% below list price.
• Inventory: down by 11% over last month.
• Most Active Price Band: $2.25 mil to $2.5 mil with average >110% sales ratio (sellers market).
• Buyers Best Bet: homes between $5.5 mil to $6 mil, Cambie, Marpole, Shaughnessy and South Granville.
• Sellers Best Bet: selling homes in Point Grey, Southlands and up to 2 bedroom properties.

• Balanced market at 13% sales ratio average (1.3in 10 homes selling rate).
• Sales to List Price Ratio: homes are selling on average at 4% below list price.
• Inventory: down by 6% over last month.
• Most Active Price Band: $1.25 mil to $1.5 mil with average 55% sales ratio (sellers market).
• Buyers Best Bet: homes between $2.75 mil to $3 mil, Collingwood, Knight, Victoria and minimum 7 bedroom properties. 
• Sellers Best Bet: selling homes in Hastings Sunrise, Killarney and 3 to 4 bedroom properties.

North Vancouver - Detached