September Market Update

Analyzing the Sales Numbers

Metro Vancouver recorded 1,926 residential property sales in September 2023. This shows an encouraging 13.2% growth from the 1,701 sales in September of the previous year. However, when we put this into the broader context, it's 26.3% below the decade's seasonal average, which stands at 2,614.

Andrew Lis, from the Real Estate Board of Greater Vancouver, highlights an intriguing trend. He notes that homeowners have been hesitant to list their properties due to soaring mortgage rates – the highest in over a decade. This reluctance resulted in fewer properties hitting the market earlier this year, thereby constraining inventory and driving prices up during the warmer months.

A Glimpse into Listings and Inventory

September 2023 saw a commendable influx of 5,446 new listings, from detached to apartment properties, on the Multiple Listing Service® (MLS®) in Metro Vancouver. This marks a robust 28.4% growth from September 2022's 4,243 listings, positioning it 5.2% above the decade's seasonal norm of 5,179.

The total active listings in the area amounted to 11,382, up by 9.2% from last year's 10,427. This figure, however, still lags 6.2% behind the ten-year average of 12,136.

Delving into the Sales-to-Active Listings Ratio

This crucial ratio provides pivotal insights into market conditions. For September 2023, the overall sales-to-active listings ratio rested at 17.7%. Breaking it down: 

- Detached homes: 12.6%

- Townhomes: 21.6%

- Apartments: 21.3%

Historically, when this ratio consistently stays below 12%, it exerts a downward pressure on home prices. Conversely, figures surpassing 20% for a few months often push prices up.

Andrew Lis has remarked on the evolving dynamics of the Vancouver real estate sector. With the increase in new listings, inventory levels are slowly recuperating from the lows experienced earlier this year. Coupling this with the anticipated autumnal sales slowdown results in a more equilibrium-driven market.

Price Pointers

The benchmark price for Metro Vancouver's residential assets stood at $1,203,300, signifying a 4.4% annual increase but a slight 0.4% dip from August 2023.

A closer inspection of property type-specific data reveals:

- Detached homes: 572 sales, up by 7.5% from September 2022, with the benchmark price being $2,017,100 (5.8% year-over-year increase and a subtle 0.1% decrease from August 2023).

- Apartment homes: 988 sales, representing an 11.3% year-over-year surge. The benchmark price came in at $768,500, which is a 5.8% hike from 2022, but a 0.2% decline from the previous month.

- Attached homes: 352 sales, a staggering 28.5% growth from last September. The benchmark price for this category sits at $1,098,400, marking a 5.3% year-over-year elevation but a 0.5% drop from August 2023.

Wrapping Up



September has always been a defining month for real estate, and 2023 was no different. With homeowners now more open to listing, and inventory levels gradually stabilizing, the Metro Vancouver housing market is beautifully poised for the future. Whether you're looking to buy or sell, understanding these dynamics is key. Engage with a Vancouver realtor to ensure you're making informed decisions in this ever-shifting market.