September 2023 Greater Vancouver Real Estate Market Update: A Steady Transition into Fall

The Metro Vancouver real estate market showed resilience in September 2023, with steady activity as buyers and sellers adjusted to the seasonal shift. While borrowing costs remained a consideration, balanced conditions across property types indicated a market in equilibrium.

Key Highlights for September 2023:

• Sales Volume:
  A total of 2,387 homes were sold, marking a 14.2% increase compared to September 2022. While sales remained below the 10-year seasonal average, the growth signals a gradual recovery in demand.

• Inventory Levels:
  The total number of active listings reached 10,107, a slight increase of 5.3% YoY, providing more options for buyers. However, listings remained 12.4% below the 10-year seasonal average.

• Benchmark Prices:

  • All residential properties: $1,217,800, up 4.3% compared to September 2022.

  • Detached homes: $2,025,900, a 3.6% annual increase.

  • Townhomes: $1,115,600, a 5.1% year-over-year increase.

  • Apartments: $773,200, up 5.3% annually.

Property-Specific Trends:

• Detached Homes:
  Representing 19.4% of sales, the detached market remained balanced with a sales-to-active listings ratio of 21.3%.

• Townhomes:
  Demand for townhomes surged, with a sales-to-active listings ratio of 33.8%, highlighting strong competition in this segment.

• Apartments:
  Leading the market with 54.2% of sales, apartments posted a sales-to-active listings ratio of 31.4%, driven by steady demand from first-time buyers and investors.

Regional Insights:

• Burnaby:
  The townhouse market remained highly competitive, particularly in Burnaby South, where prices climbed 0.7% month-over-month.

• New Westminster:
  Apartments continued to dominate sales activity, with steady price growth of 1.3% from August.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  Coquitlam saw significant activity in the detached and townhouse segments, reflecting its ongoing appeal to families.

• Vancouver East & West:
  Both markets experienced balanced conditions, with consistent demand across property types.

What This Means for Buyers and Sellers:

• For Buyers:
  The gradual increase in inventory is creating opportunities to explore more options, while steady price growth offers reassurance to sellers. Competitive conditions in townhomes and apartments highlight the importance of preparation and strategic decision-making.

As Fall Unfolds, Stay Informed:

Whether you're navigating the market as a buyer or seller, staying informed about local trends can make all the difference. Contact me today to learn how these trends can impact your real estate goals.