As we reflect on September 2022, the Greater Vancouver real estate market continued to adjust to shifting economic conditions, marked by higher borrowing costs and evolving buyer activity. Home sellers took center stage, with an increase in new listings compared to August, but buyer demand lagged behind the region's long-term averages.

Key Highlights:

• Home Sales: A total of 1,687 homes were sold in September 2022, representing a significant 46.4% decline from the 3,149 sales in September 2021. Sales were also down 9.8% compared to August 2022, standing 35.7% below the 10-year September average.

• Listings Activity: September saw 4,229 new listings hit the market, an 18.2% drop compared to the same month in 2021 but a notable 27.1% increase from August 2022. This added inventory provides more choice for buyers navigating today’s market.

• Benchmark Pricing:

  • The composite benchmark price across all property types was $1,155,300, reflecting a 3.9% increase year-over-year. However, prices continued to soften month-over-month, declining by 2.1%.

  • Detached homes held a benchmark price of $1,906,400, down 2.4% from August 2022.

  • Apartments recorded a benchmark price of $728,500, a 1.6% decrease month-over-month.

  • Townhouses remained resilient, with a benchmark price of $1,048,900, declining 1.9% from the previous month.

Market Trends by Region:

In our focus areas, market dynamics demonstrated unique patterns:

• Burnaby: Detached homes saw a benchmark price decline, with Burnaby South registering a 1.2% dip month-over-month to $2,079,400. Apartments in Burnaby North maintained relative stability, with a benchmark price of $707,700.

• New Westminster: Prices for apartments dropped slightly, with a benchmark of $633,800, reflecting a 2.6% month-over-month decline.

• Vancouver East & West: Vancouver East apartments settled at a benchmark of $686,900, while Vancouver West saw a slight decline to $822,300.

• Tri-Cities (Coquitlam, Port Moody, and Port Coquitlam): Apartments in Coquitlam experienced a 1.1% dip to $661,900, while Port Moody’s apartments fared better, declining only 1.3% month-over-month to $710,200.

What This Means for Buyers and Sellers:

The sales-to-active listings ratio for September sat at 16.9%, indicating a balanced market but with reduced competition compared to the intense demand seen in 2021. Notably, townhomes and apartments performed best, with ratios of 18.4% and 20.9%, respectively. This metric reinforces the opportunity for buyers to take their time making decisions while sellers should align expectations with market realities.

With borrowing costs rising due to the Bank of Canada’s efforts to curb inflation, affordability remains a critical factor. Buyers are encouraged to consult with mortgage advisors to understand their purchasing power, while sellers benefit from customized strategies that maximize property exposure.

Final Thoughts:

September 2022 provided a glimpse into a market recalibrating to economic changes. Whether you're considering buying, selling, or simply assessing your next move, staying informed and working with trusted professionals ensures you’re ready to navigate these conditions effectively.

For personalized advice tailored to your goals, reach out to us today. We’re here to help you make sense of the current market and make confident decisions.