Mid October Vancouver Real Estate Update

Steve Saretsky -

Condo Market Continues to Propell Vancouver Real Estate in October

A quick update for the middle of October. I’ve compiled sales and new listings for the period dating October 1-15. This provides a pretty good snapshot of where we stand, although it’s a relatively small data set and much can change by months end.

Vancouver Detached Market

The Vancouver detached market rebounded slightly on a year over year basis. Both sales and new listings increased. The 96 sales so far this month, are up from 71 for the same period a year ago. However, market conditions still tend to favour the buyer, select desired and well priced homes are still selling quickly.

Vancouver Detached activity october 2017
Vancouver Detached Activity

Vancouver Condo Market

Condo sales increased 27% from the same period a year ago. Keep in mind this is compared to October 2016 which was heavily impacted from the shock of a foreign buyers tax. Despite this, condo sales remain well above the ten year average and upwards pressure on prices continues.

Vancouver Condo Activity
Vancouver condo Activity October 1-15.

Vancouver Townhouse Market

New townhouse listings saw a huge jump compared to last October (up 53%) This is largely due to a bunch of new townhouses recently completing and hitting the market. The data set is also relatively small, so take these numbers with a grain of salt. The townhouse market remains quite hot overall.

Vancouver townhouse activity
Vancouver townhouse activity October 1-15

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The Canadian Economy

Steve Saretsky -

Happy Monday Morning! We got a string of new data this past week confirming inflation in consumer goods, and housing are proving to be more than transitory. Canada’s consumer price index continued to drift higher with prices hitting an 18 year high, up 4.7% from last October. The recent floods in BC...

Steve Saretsky -

The calls for impending interest rate hikes continues. CIBC’s chief economist, Benjamin Tal, was out recently suggesting the Bank of Canada could hike its benchmark interest rate at least six times beginning in early 2022. “I think there is a risk of getting into the market at today’s rates,” noted Tal....

Steve Saretsky -

The BC Government announced it is looking at several cooling measures for the housing market in 2022. They have highlighted two measures. The first is an end to the blind bidding process, and the other is a mandatory “cooling off period” which will allow any buyer a 7 day recession...

Steve Saretsky -

The Bank of Canada continues to slowly drain liquidity after flooding the system with a firehose of cash during the pandemic. Bank of Canada governor Tiff Macklem announced the end of Canada’s QE program (also known as money printing). Furthermore, in Macklems words, “We expect to begin increasing our policy...

Steve Saretsky -

Consumer price inflation ripped higher in September, surging 4.4% year-over-year, the fastest pace of price increases in 18 years. Let’s discuss this further. We have an inflation problem and the Bank of Canada remains of the view that inflation will be transitory. Although they really can’t say otherwise, for if...

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The Saretsky Report. December 2022