Early-Q3 brought 2.1K Vancouver home sales, ↓~10% yearly and ~19% below the 10-yr seasonal avg., erasing the Late-Q2 gains that opened summer.
Vancouver's composite benchmark for all residential property types was $1.09M in Early-Q3, ↓low-6% yearly and ↓~1% MoM from Late-Q2 for a softer pricing backdrop.
New listings reached 5K in Early-Q3, ↓~12% yearly, yet they closely matched Vancouver's 10-yr seasonal avg. for new supply coming onto the market.
Total inventory stood at 16.5K homes in Early-Q3, ↓~4% yearly but still ~27% above Vancouver's long-term avg., giving buyers more options to consider.
An economist said Vancouver's sales story has often been one step forward, one step back, with Late-Q2 and Early-Q3 showing that pattern.
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