Fall Market Numbers: Vancouver Real Estate
The month-over-month price gains seen earlier this year abated in the Metro Vancouver housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614).
“A key dynamic that we’ve been watching this year has been the reluctance of some homeowners to list their homes given that mortgage rates are the highest they’ve been in over ten years,” Andrew Lis, REBGV’s director of economics and data analytics said. “With fewer listings coming to the market earlier this year than usual, inventory levels remained very low, which led prices to increase throughout the spring and summer months.”
Real Estate Sales Numbers: September 2023
There were 5,446 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2023. This represents a 28.4 per cent increase compared to the 4,243 homes listed in September 2022.
This was 5.2 per cent above the 10-year seasonal average (5,179).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,382, a 9.2 per cent increase compared to September 2022 (10,427). This was 6.2 per cent below the 10-year seasonal average (12,136).
SALES TO ACTIVE RATIO
Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2023 is 17.7 per cent. By property type, the ratio is 12.6 per cent for detached homes, 21.6 per cent for townhomes, and 21.3 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
SALES DATA – VANCOUVER HOMES
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,300. This represents a 4.4 per cent increase over September 2022 and a 0.4 per cent decrease compared to August 2023.
Sales of detached homes in September 2023 reached 572, a 7.5 per cent increase from the 532 detached sales recorded in September 2022. The benchmark price for a detached home is $2,017,100. This represents a 5.8 per cent increase from September 2022 and a 0.1 per cent decrease compared to August 2023.
Sales of apartment homes reached 988 in September 2023, an 11.3 per cent increase compared to the 888 sales in September 2022. The benchmark price of an apartment home is $768,500. This represents a 5.8 per cent increase from September 2022 and a 0.2 per cent decrease compared to August 2023.
Attached home sales in September 2023 totalled 352, a 28.5 per cent increase compared to the 274 sales in September 2022. The benchmark price of an attached home is $1,098,400. This represents a 5.3 per cent increase from September 2022 and a 0.5 per cent decrease compared to August 2023.
Conclusion
The Vancouver real estate market still favours sellers, however, the active listings to sale ratios are different not only in different neighborhoods but also in the typle of homes.
We expect to see more listings on MLS in the months ahead, which will give buyers more choice and a slight downward pressure on prices.
If you are interested in getting a market update report regarding a specific area contact us directly. If you are thinking of selling you home in Vancouver we offer a complimentary home evaluation sent to you via email.
