The month-over-month price gains seen earlier this year cooled off in the Metro Vancouver housing market due to a seasonal decline in sales and a modest increase in inventory levels.
That’s according to the September 2023 market report by the Real Estate Board of Greater Vancouver (REBGV), which notes residential home sales in the region saw a 13.2 per cent increase from the sales recorded in September 2022, but still 26.3 per cent below the 10-year seasonal average.
“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 10 years,” said Andrew Lis, REBGV’s Director of Economics and Data Analytics, in a news release. “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.”
Newly listed detached, attached and apartment properties for sale on the Multiple Listing Service this September saw a 28.4 per cent increase compared to the homes listed in September 2022.
The number was also 5.2 per cent above the 10-year seasonal average.
The total number of homes listed for sale was 9.2 per cent higher compared to September 2022.
According to the REBGV, the benchmark price for a single-detached house in Ladner this September was $1,441,400, almost unchanged from the previous month, while up 6.9 per cent compared to September 2022. The benchmark for a house in Tsawwassen last month was $1,594,500, up three per cent from the previous month, while up 3.3 per cent compared to September 2022.
The benchmark price this September for a condo in Ladner and Tsawwassen was $736,400 and $709,600 respectively. Both benchmarks were also up in the four per cent range compared to September 2022.
The benchmark price last month for a townhouse in Ladner was $1,008,200, almost 13 per cent higher compared to September 2022, while the benchmark price in Tsawwassen last month was $1,028,300, just over nine per cent higher form the same time last year.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) says continued slowing sales and a healthy rise in new listings this September brought the Fraser Valley housing market into balance. Three months of declining sales has seen benchmark prices dip for a second straight month.
According to the FVRB, the benchmark price for a single-detached house in North Delta last month was $1,391,400, almost unchanged from this August, but still up 7.2 per cent compared to September 2022.
The benchmark price last month for a North Delta condo and townhouse was $586,500 and $948,600 respectively.
