As inventory increases, price gains relent in Metro Vancouver to begin the fall season
The month-over-month price gains seen earlier this year abated in the Metro Vancouver housing market in September, due to a seasonal decline in sales and a modest increase in inventory levels across the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,926 in September 2023, a 13.2% increase from the 1,701 sales recorded in September 2022. This was 26.3% below the 10-year seasonal average (2,614).
“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.”
There were 5,446 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2023. This represents a 28.4% increase compared to the 4,243 homes listed in September 2022. This was 5.2% above the 10-year seasonal average (5,179).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,382, a 9.2% increase compared to September 2022 (10,427). This was 6.2% below the 10-year seasonal average (12,136).
In South Surrey White Rock, the detached market continues to show balanced conditions for both sellers and buyers. On average, detached homes are selling at a 12% sales ratio (1.2 in every 10 homes listed were sold during the month). The most active price band is for homes priced between $1.25m to $1.5m, with a 26% sales ratio (sellers market conditions).
South Surrey White Rock Condos and Townhomes remain a sellers market at a 32% sales ratio. Notably, condos and townhomes in Pacific Douglas are selling at a high sales ratio of 50%. And condos across our entire area priced between $400,000 to $500,000 are selling at a >100% sales ratio.
Alex K. Liang: 604-817-5179 | Parm Pooni: 604-657-1742
