September 2023 Market Summary

Metro Vancouver Housing Market Update - September 2023

September witnessed a seasonal lull in the Metro Vancouver housing market, contrasting the earlier price hikes of the year. Key takeaways:

1. Increased Inventory: The month saw a dip in sales but an uptick in property listings, which led to a modest growth in the region's inventory.
2. Sales Data: Home sales clocked in at 1,926, marking a 13.2% rise from September 2022 but remaining 26.3% below the decade's seasonal average.
3. High Mortgage Rates: The decade-high mortgage rates have made homeowners hesitant to list. This earlier led to a scarcity in listings and a consequent price surge.
4. Listing Numbers: New property listings for September stood at 5,446, up by 28.4% from the previous year and 5.2% above the decade's average.
5. Sales-to-Listings Ratio: The overall sales-to-active listings ratio was 17.7%. Historically, prices tend to face downward pressure below a 12% ratio and upward pressure above 20%.
6. Market Revival: Andrew Lis from REBGV noted a renewed seller interest, aligning listings with historical averages and pointing towards a market equilibrium.
7. Property Benchmarks:
   • Overall properties: $1,203,300 (up 4.4% YoY, down 0.4% from August).
   • Detached homes: $2,017,100 (up 5.8% YoY, slight 0.1% dip from August).
   • Apartments: $768,500 (up 5.8% YoY, down 0.2% from August).
   • Attached homes: $1,098,400 (up 5.3% YoY, down 0.5% from August).

In summary, while the spring and summer periods showcased a seller's market due to limited listings, September ushered in a more balanced scenario, courtesy of an inventory boost and the typical fall slowdown.

Download SEPTEMBER 2023 Stat Package here