Vancouver-area home sales in September down 46% compared to a year ago: real estate board
Rising interest and mortgage rates pushing down the number of home sales across region, board says
The Real Estate Board of Greater Vancouver says September's home sales dropped 46 per cent compared to the same month last year and were down 10 per cent from August 2022 as interest rate increases cool buyer sentiment.
The board says sales in the region totalled 1,687 last month, down from 3,149 in September 2021 and 1,870 in August 2022.
Last month's sales were almost 36 per cent below the 10-year September sales average.
Andrew Lis, the board's director of economics and data analytics, attributed the lower sales levels to the Bank of Canada hiking interest and mortgage rates in an effort to tamp down inflation.
The hikes have contributed to the market's composite benchmark price reaching $1,155,300 last month, up 3.9 per cent from last September but down 2.1 per cent from August 2022.
The number of homes currently listed for sale in the region is 9,971, an eight per cent increase compared with September 2021 and a roughly three per cent jump from August 2022.
"With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year," Lis said in a news release.
"With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months."
The municipalities and communities covered by the Real Estate Board of Greater Vancouver are Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver and Whistler.