Vancouver home prices decrease for third month in a row
Home buyers continue to purchase in Vancovuer – due to the strong economy as well as an increase in migration. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We empower home buyers and sellers with the data they need to be successful. When you arm yourself with transparent data, you will feel more confident in setting the price of your home and selling it or buying at the right price.
Obviously, there are many important factors to consider (what kind of home you have, what community etc.), so it’s important to look specifically at what the housing market is doing in your neighbourhood. It is dead-easy to look at our data with a personal lens.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Vancouver real estate market as of November 2023?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
October home sales dropped in metro Vancouver
October home sales dropped in metro Vancouver. Sales in October were down 29% compared to the avg of the previous 5 Octobers. Inventory is 1% lower at the end of October than the avg of the last 5 years. Prices decreased for the third month in a row, after 9 previous months of increases. Prices are down 0.6% vs last month but up 4.4% from this time last year.
Vancouver's Detached Homes
Sales of detached homes in October 2023 were 37% lower than the average of the last 5 years. Prices decreased 0.8% MoM but are up 5.8% YoY
Vancouver's Apartments
Sales of apartments were down 22% in October 2023 vs the avg of the last 5 years. Prices increased 0.2% MoM and are up 6.4% YoY
Vancouver's Attached Homes
Sales of attached homes were 31% lower in October 2023 than the avg of the last 5 years. Prices increased 0.2% MoM while being up 6% YoY
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
Want to Buy or Sell Your Home Easily?
Welcome to Bōde
Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
Get started at bode.ca
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