News Release

Metro Vancouver saw more home sellers and fewer buyers in September:

Vancouver, B.C. – October 4, 2022 – Home sellers were more active in Metro Vancouver’s*
housing market in September while home buyer demand remained below the region’s long-term
averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded
in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022.
Last month’s sales were 35.7 per cent below the 10-year September sales average.

“With the Bank of Canada and other central banks around the globe hiking rates in an effort to
stamp out inflation, the cost to borrow funds has risen substantially over a short period,” said
Andrew Lis, REBGV director, economics and data analytics. “This has resulted in a more
challenging environment for borrowers looking to purchase a home, and home sales across the
region have dropped accordingly.”

There were 4,229 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in September 2022. This represents an
18.2 per cent decrease compared to the 5,171 homes listed in September 2021 and a 27.1 per cent
increase compared to August 2022 when 3,328 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
9,971, an eight per cent increase compared to September 2021 (9,236) and a 3.2 per cent increase
compared to August 2022 (9,662).

“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.
“With more supply and less demand within this market cycle, residential home prices have
edged down in the region over the last six months.”

For all property types, the sales-to-active listings ratio for September 2022 is 16.9 per cent. By
property type, the ratio is 12.4 per cent for detached homes, 18.4 per cent for townhomes, and
20.9 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
per cent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,155,300. This represents a 3.9 per cent increase over September 2021,
an 8.5 per cent decline over the past six months, and a 2.1 per cent decline compared to August
2022.

Sales of detached homes in September 2022 reached 525, a 44.7 per cent decrease from the 950
detached sales recorded in September 2021. The benchmark price for a detached home is
$1,906,400. This represents a 3.8 per cent increase from September 2021 and a 2.4 per cent
decrease compared to August 2022.

Sales of apartment homes reached 888 in September 2022, a 45.2 per cent decrease compared to
the 1,621 sales in September 2021. The benchmark price of an apartment home is $728,500. This
represents a 6.2% per cent increase from September 2021 and a 1.6 per cent decrease compared
to August 2022.

Attached home sales in September 2022 totalled 274, a 52.6 per cent decrease compared to the
578 sales in September 2021. The benchmark price of an attached home is $1,048,900. This
represents a 9.1 per cent increase from September 2021 and a 1.9 per cent decrease compared to
August 2022.

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: 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.

The real estate industry is a key economic driver in British Columbia. In 2021, 43,999 homes changed ownership in
the Board’s area, generating $2.98 billion in economic spin-off activity and an estimated 20,942 jobs. The total
dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $53.4 billion in
2021.

The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and
their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For
more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit
www.rebgv.org.