Dear Stuart,

Westside detached home sales in September remained sluggish compared to historical trends. Listings, however, were more active than usual.

Supply, compared to the 10-year average, is up 4% for detached homes, while apartment supply is up 43%, and townhomes are up 63%.

Demand, when compared to the 10-year averages, is down by 28% for detached homes, 36% for apartments and townhomes are up by 2%.

Buyers are trying to buy and housing supply jumped again in September as did demand, up 13% over August. Well priced homes are selling quickly and over priced homes are getting offers often 20% below their asking prices. Buyers are still hurting from the high interest rates even after three quarter point rate drops and many sales still fall apart due to financing. 



In September, the westside Detached Home average price is down 16.5% from the peak in August 2023. The Attached home average price is down 13% from the peak in May 2024 and the Apartment average price is down 20% from the peak in January 2018.

The Bank of Canada is expected to drop the rate another 1/4 point before the year end which should help buyers qualify for more mortgage debt. Each quarter point drop will save a borrower about $150 per month on a $1M mortgage.

The market has been expecting higher inventory levels since the BoC started raising rates and that along with zoning encouraging higher density has resulted in a steady rise in supply of apartments, attached and detached homes.

Demand has responded to higher interest rates by falling in all categories but the surprise has been how prices have remained steady in the face of those increasing costs & supply.

The market is becoming a buyers market and the extra supply will help give buyers who can secure financing more choices for their purchasing dollars.

Further rate cuts if they come later this year should encourage demand but we are also further into the mortgage renewal cycle and many mortgage holders have yet to hit their renewal dates under the higher rates….

The market picked up in mid Sept. and we expect October to be better.

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 9% higher compared to August, with a total of 716 homes available, up from 657.
• This is an increase of 27% compared to September 2023 when there were 563 homes on the market.
• Demand:
• Sales of Westside detached homes in September were up 27% from August, with 57 homes sold.
• Sales were up 4% compared to September 2023, which had 55 sales.
• The number of sales remains 28% lower than the ten-year average of 79 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in September decreased by 14% from the previous month, with a current MOS of 12.6 compared to 14.6 in August.
• This represents a 23% increase from August 2023.
• A MOS between 7 to 10 is typically considered a balanced market, where prices tend to remain relatively stable.
• Pricing:
• The average detached home price in September decreased 16.5% and median decreased 11% from August 2023's peak.
• The average price is $3.96 million, and the median price is $3.765 million.
• Current prices are up 2% on average and down 1.4% on median from last month.
• High and Low Sale Prices:
• Westside detached home sales in September ranged from a low of $2.1 million to a high of $10.2 million. The most expensive property took 236 days to sell, while the least expensive sold in just 8 days.
• Of the 57 homes sold, only 11 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 11% compared to August, with a total of 2,206 apartments available for sale.
• This number is up by 27% from September 2023.
• Demand:
• Demand for Westside apartments decreased by 21% in September, with 200 sales compared to 252 sales in August.
• The number of sales in September was down 16% from the same month last year, which had 238 sales.
• Apartment sales are down 36% from the ten-year average of 312 sales.
• Months of Supply (MOS):
• The Months of Supply (MOS) in September increased by 39% compared to August, to 10.1.
• This is an increase of 52% from the MOS of 6.7 in September 2023.
• Prices:
• The average price of Westside apartments in September is down 8.4% from August, with the average price at $1956,529
• It was down 7% from September 2023.
• The median price was down 6% to $801K and is down 2% from September 2023.
• Average prices are at 20% below the peak of $1,199,000 in January 2018, and median prices are 10% below the peak of April 2022.

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 14% compared to August, with a total of 396 townhouses available for sale.
• The supply was up 42% from September 2023, which had 262 townhouses on the market.
• Demand:
• The demand for townhouses in September increased by 23%, with 48 sales.
• The number of sales in September increased by 7% from the same month last year, which had 45 sales.
• Attached home sales are 2% above the ten-year average of 47 sales.
• Months of Supply (MOS):
• With the increase in supply and increase in demand, the current Months of Supply (MOS) for townhouses decreased by 8%, to 8.3.
• This is 42% higher than the MOS of 5.8 in September 2023.
• Prices:
• The average price of townhouses in September was $1.6254 million, down 6% from August.
• It decreased 7% from September 2023 when the average price was $1.75 million.
• The median price in September was $1.52 million, a 3% decrease from August ($1.57 million), and a 10% decrease from September 2023.
• Average prices for townhouses are down 12% from its peak. Median prices decreased 17% from its peak. The average peak of $1.867 million in April 2024, and the median peak of $1.834 million in June 2023.

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.