Market Insights: Rise in Listings, Stabilizing Prices - A Balanced Outlook for Metro Vancouver Real Estate!

The Real Estate Board of Greater Vancouver reports a rise in new property listings but sales still below long-term trends. In October, home sales reached 1,996, a 3.7% increase from the previous year but 29.5% below the 10-year average. New property listings last month were 4,664, a 15.4% increase from the previous year, surpassing the 10-year average by 4.8%. The composite benchmark home price for Metro Vancouver in October was $1,196,500, up 4.4% from October 2022 and down 0.6% from September 2023. Andrew Lis, the board's director of economics and data analytics, notes increased seller interest but subdued demand from buyers due to high borrowing costs. However, there's a "silver lining" for buyers as price increases have stabilized, creating a more balanced market.