More residents were looking to sell their home in Metro Vancouver over the past month, but homebuyer demand remained muted, according to the Real Estate Board of Greater Vancouver (REBGV) in a report Tuesday.

The report found residential home sales were at 1,687 in September, marking a 9.8 per cent drop compared to the 1,870 homes sold in August.

Sales also decreased on a year-over-year basis, with a 46.4 per cent decline from the 3,149 sales posted at the same time in 2021.

There were a total of 4,229 detached, attached and apartment properties that were newly listed for sale on the Multiple Listing Service (MLS) in Vancouver during September. This is a 27.1 per cent increase compared to August 2022, when 3,328 homes were listed.

“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, director of economics and data analytics at REBGV, in the report.

“This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.”

Falling homebuyer demand has impacted prices in Vancouver, with the average price for residential properties dropping to $1,155,300. This marks a 2.1 per cent decline compared to August.

“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.”