Metro Vancouver Home Sales Summary for September 2023

Sales

“A key dynamic 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. 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.”

— Andrew Lis, REBGV Director, Economics & Data Analytics

Sales are up year over year, but below historical averages.
- Vancouver unit sales are up 13.2% year over year, but 26.3% below the 10 year average.
- Fraser Valley unit sales are up 22.6% from September 2022, but down 13.6% from August 2023.
Inventory is up year over year, but below historical averages.
- Vancouver, new listings are up 28.4% from September 2022, however total inventory remains 6.2% under the 10 year average.
- In the Fraser Valley, new inventory is up 25.8% from September 2022, but 3.5% below the 10 year average.
Prices are virtually unchanged.
- Vancouver - September finished with an HPI $1,203,300 across all property types, up 4.4% from September 2022, but virtually unchanged from August 2023.
- Fraser Valley - the Benchmark Price was is $1,029,200, up 2.1% from September 2022, and about the same as August 2023.
- The HPI is a pricing system (unlike averages or median prices) that uses a series of various factors unique to specific properties to determine their value. Similar to average and median prices, it isn't reliable in terms of calculating marketing or sales prices for listings, however, it's considered by experts to be the most sophisticated way to value properties.
Almost balanced market for attached properties, almost a buyer’s market for detached properties.
- The Sales-to-active listings ratios (SAR) for Vancouver is 17.7%, with detached houses at 12.6%. Condos and townhouses remain
- Fraser Valley SAR is 17% overall with detached at 14% indicating a balanced market. Attached properties are actually still in a sellers market with townhouses at 31% and condos at 25%.
- Ratio of greater then 20% for a sustained period indicates that it's currently a seller's market overall, except for detached properties which are balanced. Less then 12% for a sustained period is considered a buyer’s market.