October 2023 Market Update

Halloween has come and gone and the leaves continue their colour-parade into the Fall season. It’s a reminder that things continuously change… so on that note, let’s take a look at the market update for the month of October for the Real Estate Board of Greater Vancouver¹ and for the Fraser Valley Real Estate Board². Inventory has increased and is more in alignment with the ten year average after trending downwards for most of the year. This means there are more options for buyers. The numbers I post are compared year over year but when compared to the month over month numbers it shows a more active market for attached homes (apartments and townhouses) compared to detached houses. The overnight interest rate was held at 5.0% with the most recent October 25th Bank of Canada update, giving the 10 prior rate hikes time to work through the economy. Many buyers remain on the sidelines to see what happens with mortgage rates and home prices, which is reflected in the slower number of sales.

As always, if you are interested in obtaining information about a specific city or neighbourhood or want to discuss how the above might impact you don’t hesitate to reach out.

So is it a good time to buy? Good time to sell? Want to explore the options? Let’s chat.

Here are the market snapshots for October 2023:

October 2023 Fraser Valley Market Overview

October 2023 Greater Vancouver Market Overview

1 – The Real Estate Board of Greater Vancouver consists of the areas of Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2- The Fraser Valley Real Estate Board consists of the communities of Abbotsford, Langley, Mission, North Delta, Surrey and White Rock