More listings, fewer buyers: Vancouver home sales drop

GVA reports an increase in available properties but a decline in sales, putting pressure on housing prices in Vancouver, the least affordable city in Canada. Home sales fell 3.8% year-over-year in September, with 1,852 transactions, marking a 26% drop from the 10-year average. New listings rose by 12.8%, leading to a total of 14,932 active listings, a 31% increase from last year. The composite benchmark price for residential properties decreased by 1.8% to $1,179,700, with a sales-to-active listings ratio of 12.8%, indicating potential downward price pressure.