The real estate market in Metro Vancouver demonstrated steadiness in October 2023, as balanced conditions brought opportunities for both buyers and sellers. While sales remained below historical averages, increased inventory levels and moderated price growth signaled a market adjusting to ongoing economic pressures.

Key Highlights for October 2023:

• Sales Activity:

  • Residential sales reached 1,996, a 3.7% increase compared to October 2022.

  • While sales were 29.5% below the 10-year seasonal average, the market showed resilience in a challenging financial environment.

  • Detached homes: Slight 0.7% decrease year-over-year.

  • Apartments: Sales grew by 4.9%, maintaining steady buyer interest.

  • Townhomes: Increased sales of 6.6%, reflecting robust demand in this category.

• Listings and Inventory:

  • New Listings: Increased by 15.4%, providing buyers with more choices compared to October 2022.

  • Active Listings: Total inventory rose by 12.6%, exceeding the 10-year seasonal average by a modest 0.6%.

• Pricing Trends:

  • Benchmark Price: All residential properties were priced at $1,196,500, up 4.4% year-over-year, with a slight 0.6% decline from September 2023.

  • Detached homes: $2,001,400, steady growth with a 4.0% annual increase.

  • Apartments: $770,200, up 5.1% annually, showing consistent strength in this segment.

  • Townhomes: $1,100,500, reflecting a 4.8% year-over-year increase.

Market Conditions by Segment:

• Detached Homes:
  A sales-to-active listings ratio of 12.9%, indicating balanced conditions.

• Townhomes:
  Strong demand with a ratio of 20.9%, leaning toward a seller’s market.

• Apartments:
  Steady performance with a ratio of 21.5%, also in seller’s territory.

Regional Insights:

• Burnaby:
  Detached home prices remained stable across all areas, while townhomes in Burnaby South saw notable buyer activity.

• New Westminster:
  Apartments continued to attract buyers with affordability and accessibility as key drivers.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  Strong demand for townhomes and apartments underpinned price stability.

• Vancouver East and West:
  Both regions showed steady activity, with apartment prices holding firm and detached homes experiencing balanced conditions.

What This Means for Buyers and Sellers:

• For Sellers:
  Increased inventory offers more competition, making strategic pricing and marketing essential to stand out.

• For Buyers:
  Moderated price growth provides opportunities to enter the market or upgrade, particularly in areas with higher inventory levels.

Your Market Experts:

As the year draws to a close, understanding these trends is crucial for navigating the ever-changing real estate landscape. Whether buying, selling, or investing, contact me today to craft a strategy tailored to your needs.

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.

As summer winds down, the Vancouver real estate market experienced its predictable seasonal deceleration. The August 2023 stats reflect a balanced market adapting to the pressures of elevated borrowing costs while still delivering notable activity.

Key Highlights:

• Sales Activity:
  August 2023 saw a total of 2,296 residential home sales across Metro Vancouver, a 21.4% increase compared to August 2022. Despite the uptick, this number remained 13.8% below the 10-year seasonal average.

• Inventory Levels:
  The number of homes listed for sale, at 10,082, reflected a 0.2% decrease compared to August 2022 and remained 13.4% below the decade-long average.

• Pricing Trends:
  The MLS® Home Price Index composite benchmark price for all residential properties stood at $1,208,400. This marks a 2.5% increase year-over-year but a slight 0.2% dip compared to July 2023.

By Property Type:

• Detached Homes:
  Sales rose 13.2% YoY, with a benchmark price of $2,018,500—up 3.3% from August 2022.

• Apartments:
  Leading the sales growth, apartment transactions surged 27.4% YoY. The benchmark price of $770,000 reflects a 4.4% annual increase.

• Townhomes:
  Sales increased 18.9% YoY, with a benchmark price of $1,103,900—up 3.9% annually.

Area-Specific Insights:

• Burnaby:
  Continued price stability, with steady sales in apartments and detached homes.

• New Westminster:
  A balanced market with moderate price gains for condos.

• Tri-Cities (Coquitlam, Port Coquitlam, and Port Moody):
  Townhome prices remained a standout, benefiting from strong buyer interest.

• Vancouver East and West:
  Sales activity remained steady, particularly in apartment segments.

What This Means for Buyers and Sellers:

• For Buyers:
  As borrowing costs weigh on the market, prospective buyers can find a range of opportunities amidst price stabilization.

• For Sellers:
  Sellers should note the increased competition and focus on strategic pricing and presentation to stand out.

With the fall market around the corner, we anticipate a continuation of these balanced trends, creating a healthy environment for buyers and sellers alike. Whether you're exploring opportunities or planning your next move, we’re here to guide you through this dynamic landscape.