The Real Estate Board of Greater Vancouver says the region continues to see an increase in newly listed properties, but sales still lag behind long-term trends.

The board says October home sales totalled 1,996, a 3.7% increase from the 1,924 sales recorded the same month last year. But the total was 29.5% below the 10-year seasonal average of 2,832 for October.

There were 4,664 new listings of detached, attached and apartment properties last month, a 15.4%t increase from a year earlier, as new listings were 4.8% above the 10-year seasonal average.

The composite benchmark home price in October for Metro Vancouver was $1,196,500, a 4.4% increase from October 2022 and a 0.6% decrease from September 2023.

Andrew Lis, the board’s director of economics and data analytics, says there appears to be a continuation of sellers’ renewed interest to participate in the market, but this is being counterbalanced by a lack of demand from buyers amid high borrowing costs.

He says the “silver lining” for buyers is that price increases have levelled off thanks to more balanced market conditions.

Housing Supply Still Outpacing Demand in Vancouver Market as Sales Increase by The Canadian Press