Wondering what changed in Metro Vancouver's real estate market last month?
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MLS Home Price Index benchmark price for all listings in Metro Vancouver is up 4.4% compared to September 2022 and down 0.4% compared to August 2023
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Home sales in September were 26.3% below the 10-year average, however, they increased 13.2% when compared to September 2022.
Main Highlight:
The summer market drags on with a minimal month-over-month decline.
Year-over-year, compared to September 2022, all aspects of the market have improved. Compared to August 2023 an increased supply has aided a slight pricing decline.
As it was with the September update the Greater Vancouver market is ending the summer and starting Q4 on a relatively stable note; any declines are very minor.
More specifically the REBGV has this to say:
The month-over-month price gains seen earlier this year abated in the Metro Vancouver1 housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region.
“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.”
“In contrast to the spring and summer, the September data suggests there may be a renewed interest on the part of sellers to participate in the market, with new listing activity rising back in line with long-term historical averages. This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year,” Lis said. “When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.”
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.
CLICK HERE FOR THE FULL REBGV September 2023 STATISTICS PACKAGE
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