Metro Vancouver Housing Update: September 2023
Metro Vancouver Housing Update: September 2023
The Metro Vancouver housing market witnessed a shift in September. While the year started with rapid price gains, the fall season has brought a more balanced market. Here’s a snapshot:
- Sales: Residential home sales reached 1,926, marking a 13.2% increase from September 2022 but 26.3% below the 10-year average.
- Inventory: New listings in September stood at 5,446, a 28.4% rise from 2022. The total homes listed for sale are 11,382, up by 9.2% from last year.
- Price Trends: The benchmark price for all residential properties is $1,203,300, a 4.4% year-over-year increase but a slight dip from August 2023.
- Market Dynamics: Andrew Lis from REBGV highlighted that the high mortgage rates earlier this year made homeowners hesitant to list. However, September saw a resurgence in listing activity, aligning with historical averages. This, combined with the usual fall sales slowdown, has led to more balanced market conditions.
- Property Breakdown:
- Detached Homes: 572 sales with a benchmark price of $2,017,100.
- Apartments: 988 sales with a benchmark price of $768,500.
- Attached Homes: 352 sales with a benchmark price of $1,098,400.
The sales-to-active listings ratio indicates that the market is nearing a balanced state, with potential downward pressure on prices if the ratio remains below 12% and upward pressure if it exceeds 20% for several months.
