REBGV market Update For September 2023 – Despite More Housing Inventory, Prices Still Rising
The September 2023 stats released by the Real Estate Board of Greater Vancouver (REBGV) confirmed that more homeowners were listing properties for the month, and the month-over-month price gains seen earlier this year abated.
“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.” This was a comment made by Andre Lis, director of economics and data analytics. He added, “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.”
Home Sales
Residential home sales totalled 1,926 in September 2023, which was 13.2% higher than the 1,701 sales recorded in September 2022.
In September, sales of detached homes reached 572, which represented a 7.5% increase from the 532 detached home sales in September 2022.
Sales of attached homes totalled 352, which was a 28.5% increase when compared to the 274 sales in September 2022.
Sales of apartment homes reached 988, which was a 11.3% increase when compared to the 888 sales in September 2022.
|
Property Type |
Sept 2023 sales |
Sept 2022 sales |
% +/- |
|
Detached |
572 |
532 |
+7.5% |
|
Apartment |
988 |
888 |
+11.3% |
|
Townhouse |
352 |
274 |
+28.5% |
Home Listings
The number of newly homes listed for sale on the MLS in Metro Vancouver was 5.446 for September 2023. This represents a 28.4% increase compared to the 4,243 homes listed in September 2022.
The total number of listings for September 2023 on the MLS was 11,382 – a 9.2% increase when compared to September 2022 – 10,427.
Sales-To-Active-Listings Ratio
This is a good indication of the supply and demand forces in the market. Downward pressure on home prices can occur when the ratio is below 12% for a sustained period, and there is upward pressure when the ratio is above 20% for a number of months.
For all property types, the ratio for September was 27.8%. When broken down by property types, the ratio was:
- 12.6% for detached homes
- 21.6% for townhomes
- 21.3% for condos
Home Prices
The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver for September was $1,203,300. This represented a 4.4% increase over September 2022 and a 0.1% decrease when compared to August 2023.
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