Metro Vancouver housing prices eased last month, thanks to a small boost in regional inventory and seasonal decline.
Andrew Lis, the Real Estate Board of Greater Vancouver (REBGV)’s director of economics and data analytics, points out they watched “The reluctance of some homeowners to list their homes (this year) given that mortgage rates are the highest they’ve been in over ten years.” He mentions, “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.”
According to the REBGV, home sales went up over 13 per cent (1,926) from the same period last year – more than 26 per cent below the 10-year seasonal average (2,614).
New and total listings jumped in September
The 5,446 MLS listings of last month represent more than a 28 per cent bump from September 2022 and are 5.2 per cent higher than the 10-year seasonal average (5,179). Total listings went up over 9 per cent in the same period, 6.2 per cent below the 10-year seasonal average of 12,136.
More inventory leading to a more balanced market
Across property types, September’s sales-to-active listings ratio was 12.6 per cent for detached homes, 21.6 per cent for townhomes and 21.3 per cent for apartments (17.7 per cent overall).
In comparing to the spring and summer periods, Lis explains, “September data suggests there may be a renewed interest on the part of sellers to participate in the market, with new listing activity rising back in line with long-term historical averages. This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year.
When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.”
Home prices in all categories have fallen
The MLS Home Price Index composite benchmark price for all Metro Vancouver residential properties is $1,203,300 – up 4.4 per cent from September 2022 and down 0.4 per cent from August of this year.
Detached home sales last month were just over 570, up 7.5 per cent from 2022’s same period. The detached home benchmark price is $2,017,100, a 5.8 per cent jump from September 2022 and 0.1 per cent less than August 2023’s benchmark.
Apartment home sales reached 988 last month, up over 11 per cent from September 2022. The benchmark price of this home type is $768,500, a 5.8 per cent jump from September 2022 and 0.2 per cent less than August 2023’s benchmark.
Finally, attached home sales in September were 352, more than a 28 per cent increase compared to the same period last year. The attached home benchmark price is $1,098,400, a 5.3 per cent jump from September 2022 and 0.5 per cent less than the August 2023 benchmark.
