AS INVENTORY INCREASES, PRICE GAINS RELENT TO BEGIN THE FALL SEASON
(October 4, 2023) www.RealtyLink.org
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The month-over-month price gains seen earlier this year abated in the Metro Vancouver1 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 sales2 in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614). "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," Andrew Lis, REBGV 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 per cent increase compared to the 4,243 homes listed in September 2022. This was 5.2 per cent above the 10-year seasonal average (5,179).
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