New Westminster was a prime destination for buying real estate last month.
The Real Estate Board of Greater Vancouver (REBGV) reported a benchmark price of $836,700 for local residential properties in October.
That was a decrease of 0.4 per cent from September, according to the latest available data, which continues a consistent decline in the last three months and resulting in a 1.1 per cent dip.
The median price for New West single family detached homes went up to $1,550,700 (+0.8 per cent).
However, prices went in the opposite direction for townhouses at $963,700 (-0.8 per cent) and $658,300 for apartments (-0.5 per cent).
As a result of the downward trend, it appears more prospective homeowners turned to New Westminster in October.
In total, 81 homes were sold locally last month — 59 apartments, 16 detached and six attached — out of 149 listings on the MLS, which was nine more homes taken off the market compared to 72 in September.
Regionally, the REBGV said home sales in Metro Vancouver last month totalled 1,996, a 3.7 per cent increase from the 1,924 sales recorded the same month last year. But the total was 29.5 per cent 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 per cent increase from a year earlier, as new listings were 4.8 per cent above the 10-year seasonal average.
REBGV spokesperson Andrew Lis said there is a renewed interest for sellers to participate in the market, but this is being counterbalanced by a lack of demand from buyers amid high borrowing costs.
"With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we've seen market conditions overall adjust towards more balanced conditions. It's noteworthy that the multifamily segment remains more active than the detached segment at this time," Lis added in a news release.
"While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment."
Areas covered by the REBGV include New Westminster, Burnaby, Coquitlam, Maple Ridge, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.
- with files from The Canadian Press
