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Vancouver’s home sales activity in October continued to be well below historical averages as inflation and interest rates cooled buyer sentiment.
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Data from the Real Estate Board of Greater Vancouver showed that October home sales fell 45.5 percent to 1,903, compared with 3,494 sales recorded in the same month last year. Activity increased 12.8 percent month-on-month.
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Still, sales were 33.3 percent below the 10-year average for October sales, the board said.
“Inflation and rising interest rates continue to dominate the headlines, prompting many buyers and sellers to assess how these factors are affecting their housing options,” said Andrew Lis, Director of Economics and Data Analytics at REBGV. “As sales remain near historic lows, the number of active listings continues to rise, causing house prices to pull back from the record highs of spring 2022.”