Metro Vancouver saw a noticeable dropoff in homesales in September. realestatenews realestate BC housingmarket
published by the Real Estate Board of Greater Vancouver , Metro Vancouver recorded 1,687 residential sales in September 2022. In September of 2021, however, that number was 3,149, which means sales have decreased by 46.4% — nearly half.September 2021 saw 950 detached home sales. This September saw 525, a 44.7% decrease. For townhouses, the number of sales dropped from 578 in September 2021 to 274 in September 2022, a 52.6% decrease.
One was in Port Moody, which recorded 14 townhouse sales in September 2021, but 16 in September 2022. The other was in the Islands region, where six detached homes were sold in September 2021 and six were again sold in September 2022.of sales over the past year was in Vancouver West, where 416 apartments were sold in September 2021 — the highest amount of any home type across Metro Vancouver that month — and only 214 were sold this past September, a 48.6% decrease.
Third was in Burnaby, again for apartments, where the amount of sales dropped from 248 to 157, a 36.4% decrease. For all property types, the sales-to-active listings ratio for September came in at 16.9%. By property type, the ratio is 12.4% for detached homes, 18.4% for townhomes, and 20.9% for apartments. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.It’s both significant and insignificant that the three biggest decreases were all apartments.
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