Weekly Sales to Listing Update: October 21, 2022

Weekly Sales to Listing Update: October 21, 2022

Still a buyer's market for single family homes in the Fraser Valley and GVA and more "balanced" in the Okanagan & Vernon Areas. This has been a consistent theme now for months.

With townhomes and apartments, it is a balanced market overall, with Vernon experiencing a seller's market, as it maintains to be an afordable option for many buyers. When markets are depressed, we always see the low hanging fruit get bought up first. Vernon is a perfect example! In summary, detached housing is still hurting in most areas which will put continued downward pressure on prices, whereas strata living seems to still be a desirable option for many buyers. For single family, the markets still hurting bad are Mission, Surrey and West Vancouver* (*with 11 sales for 424 active listings!!)

Generally speaking, a downward market (buyer’s market) is when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure (seller’s market) when it surpasses 20 per cent over several months.

*See?https://www.adlawappraisals.com/news/?for detailed analysis of the numbers in specific regions that are of interest to you.

Single Family:

Fraser Valley Average = 7.87% (last week) 8.27% (this week)

GVA Average = 9.20% (last week) 8.96% (this week)

Okanagan = 12.83% (last week) 12.83% (this week) **No change*

Vernon = 20.37% (last week) 17.81% (this week)

Townhomes and Apartments:

Fraser Valley Average = 12.70% (last week) 13.75% (this week)

GVA Average = 15.86% (last week) 15.29% (this week)

Okanagan = 17.97% (last week) 16.33% (this week)

Vernon = 29.35% (last week) 22.86% (this week)

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