In September, the sales and listings activity for detached homes on the Westside remained below the long-term averages. Compared to the 10-year average, the supply of detached homes decreased by 19%, while apartments increased by 15%, and townhomes increased by 13%.
Similarly, the demand for properties on the Westside also saw a decline when compared to the 10-year average. The demand for detached homes decreased by 37%, apartments decreased by 29%, and townhomes decreased by 6%.
As for the median home prices, In September, detached home prices are down 19% from their peak last month. Apartment prices decreased by 6.6% from their peak in January 2018, and attached home prices declined by 6.2% from their peak in February 2022.
In September, residential property sales in the Greater Vancouver region showed a significant increase of 13.2%, reaching 1,926 sales compared to 1,701 sales in September 2022. However, this is still 26.3% below the 10-year September sales average.
The benchmark price for all residential properties in Metro Vancouver rose by 4.4% from September 2022, reaching $1,203,300, and showing a 0.4% increase from the previous month.
The number of properties currently available for sale on the MLS system in Metro Vancouver increased by 9.2% compared to September 2022, to a total of 11,382 listings. This figure is still 6.2% below the 10-year seasonal average of 12,136 listings.
Despite the incremental improvements in supply & prices compared to last year the current market is still below the 10-year averages.
Another factor affecting buyer confidence is that we are further into the mortgage renewal cycle and owners who purchased with more favourable rates are now coming into renewals at much higher rates. Some of those buyers are able to access funds from other sources to pay down their mortgages but some may not be so fortunate. The question is whether any of those will be forced to sell and will that have an effect on our local market?
Andrew Lis, REBGV's director of economics and data analytics, suggests that as the fall approaches, sellers are starting to become more interested in listing their homes. This increase in supply coupled with declining sales is creating a more balanced market.
I hope that is true.
Happy Thanksgiving! “🍁🧶🧣🍂”
Looking around the world, we have much to be grateful for.
Stay safe and healthy.