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.
The composite benchmark price for Metro Vancouver sat at $1,148,900, up 2.1 per cent from October 2021, but down 0.6 per cent from September and 9.2 per cent over the last six months.
There were 4,033 new listings in the market last month, a 0.4 per cent decrease from October 2021 and a 4.6 per cent drop from September 2022.
“Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from,” said Andrew Lis, the board’s director of economics and data analytics, in a written statement.
“Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from.”