Greetings!

The total home supply in Metro Vancouver in September is up 14.4% year over year and that is 36.1% above the 10 year seasonal average while sales were up 1.2% over September 2024 and that is down 20.1% below the 10 year seasonal average.

Spring & summer 2025 were unusually weak in the real estate market with sales remaining below their long term averages and well below seasonal norms. These Metro Vancouver stats get a lot of press and are distinct from the west side market stats but we are facing similar trends here on the west side.

Westside home sales, when compared to the 10-year averages, are down by 21% for detached homes, down 23% for apartments and down by 25% for townhomes.

Compared to the 10-year average, supply is up 11% for Westside detached homes, while apartment supply is up 37%, and townhomes are up 66%.

We had 54 Westside Detached home sales in September, compared to 52 sales last month.

We had 226 Westside Apartment sales in September, compared to 271 sales last month.

We had 34 Westside Attached home sales in September, compared to 54 sales last month.

In September the westside Detached Home average price was $3.646M, down 23% from $4.744M, the peak, in August 2023.

The Attached home average price was $1.614M, down 14% from $1.885M, the peak, in Dec 2024.

The Apartment average price was $955K, down 20% from $1.199M, the peak, in January 2018.

The Sales to Active Listings ratio (SALR) is a key indicator of market balance and it helps determine whether the market favours Buyers or Sellers. The range between 12% and 20% is considered a balanced market and prices are sustained.

Generally, downward pressure on home prices occurs when the ratio dips below 12% for a period of time. Upward pressure on home prices occurs when the ratio surpasses 20% over several months.

Market conditions are dynamic and can change rapidly due to various economic factors & the ratio can vary significantly depending on the property type.

Currently the SALR for Westside detached is 6.9%, attached is 13% and apartments is 12%.

On a month to month basis, demand is up slightly from last month for detached homes, it is down for apartments and is down for townhomes. Westside median prices in September are down for detached homes, apartments and townhomes. Lower prices are the result of a decreasing SALR creating downward pressure. The SALR has come down because the supply has jumped up in September and the demand has not.

The supply cycle looks more active than usual for this time of year, it is the demand that we are lacking. Another interest rate drop might help turn that around but it feels like the market feels poorer which may be a reflection of our economy. Despite lower borrowing costs, lower prices and more supply, buyers remain hesitant to enter the market.

Research has shown that markets in which prices appreciated most rapidly or had shown most volatility are now experiencing the slowest sales. So market uncertainty may be more related to the sense that prices could be cheaper in the future rather than economic uncertainty. Supply is still substantial so there are buying opportunities particularly for detached homes and if the market really turns up, buyers will rush in, so now is a good time to buy while we have good supply and little competition.

Sellers need to be the best value in their cohort to attract a buyer so strategic pricing is the key to achieving a sale.

Thinking of Selling? Let’s Talk!

📞 Call me today to discuss your options and make the most of the upcoming selling season.

Happy Thanksgiving! 🦃🧺🌽🍇🥧🍂

Best regards

Stuart ⛳ 🎾

Detailed information on the Westside detached homes market in September. Here's a summary of the key points:

• Supply:
• In September, the supply of Westside detached homes was up 5.4% compared to August, with a total of 777 homes available, up from 737.
• This is an increase of 9% compared to September 2024 when there were 716 homes on the market.
• Demand:
• Sales of Westside detached homes in September were up 4% from August, with 54 homes sold.
• Sales were down 5% compared to September 2024, which had 57 sales.
• The number of sales remains 21% lower than the ten-year average of 68 sales.
• Sales to Active Listings Ratio (SAL):
• The SAL in September decreased by 2% from the previous month, with a current SAL of 6.9% compared to 7.1% in August.
• This represents a 13% increase from September 2024.
• An SAL between 12% to 20% is typically considered a balanced market, where prices tend to remain relatively stable.
• Pricing:
• The average detached home price in September decreased 23% and median decreased 30% from August 2023's peak.
• The average price is $3.65 million, and the median price is $2.9 million.
• Current prices are up 6% on average and down 5% on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in September ranged from a low of $1.6 million to a high of $15 million. The most expensive property took 68 days to sell, while the least expensive took 522 days!
• Of the 54 homes sold, only 4 sold at or above their asking price, indicating a buyer's market.

These statistics provide a comprehensive overview of the Westside detached homes market in September shedding light on changes in supply, demand, pricing, and notable sale prices.

Detailed information on the Westside apartment market in September. Here's a summary of the key points:

• Supply:
• In September, the supply of Westside apartments was up 4% compared to August, with a total of 1,937 apartments available for sale.
• This number is down by 4% from September 2024.
• Demand:
• Demand for Westside apartments decreased by 17% in September with 226 sales compared to 271 sales in August.
• The number of sales in September was up 13% from the same month last year, which had 200 sales.
• Apartment sales are down 23% from the ten-year average of 292 sales.
• Sales to Active Listings (SAL):
• The SAL in September decreased by 20% compared to August, to 12%.
• This is an increase of 18% from the SAL of 10% in September 2024.
• An SAL between 12% to 20% is typically considered a balanced market, where prices tend to remain relatively stable.
• Prices:
• The average price of Westside apartments in September decreased 11% from August, with the average price at $954K
• It was relatively unchanged from September 2024.
• The median price was down 2% at $815K and is up 2% from September 2024.
• Average prices are down 20% below the peak of $1,199,000 in January 2018, and median prices are 8% below the peak of June 2024.

These statistics provide a comprehensive picture of the Westside apartment market in September, highlighting changes in supply, demand, pricing, and their respective trends over time.

Detailed information on the Westside townhouse market in September. Here's a summary of the key points:

• Supply:
• In September, the supply of Westside townhouses increased by 16% compared to August, with a total of 447 townhouses available for sale.
• The supply was up 13% from September 2024, which had 396 townhouses on the market.
• Demand:
• The demand for townhouses in September decreased by 37%, with 34 sales.
• The number of sales in September decreased by 29% from the same month last year, which had 48 sales.
• Attached home sales are 8% above the ten-year average of 50 sales.
• Sales to Active Listings (SAL):
• With the increase in supply and decrease in demand, the current SAL for townhouses decreased by 46%, to 7.6%
• This is 37% lower than the SAL of 12% in September 2024.
• An SAL between 12% to 20% is typically considered a balanced market, where prices tend to remain relatively stable.
• Prices:
• The average price of townhouses in September was $1.61 million, down 2.4% from August.
• It was relatively unchanged from September 2024 when the average price was $1.62 million.
• The median price in September was $1.55 million, a 4.5% decrease from August ($1.62 million), and up 2% from September 2024.
• Average prices for townhouses are down 14% from its peak. Median prices down 17% from its peak. The average peak of $1.885 million in Dec 2024, and the median peak of $1.855 million in Dec 2024.

These statistics provide a comprehensive overview of the Westside townhouse market in September, indicating changes in supply, demand, pricing, and their respective trends over time.