Metro Vancouver home price creep slows as number of new listings rise

The latest statistics indicating the residential real estate market performance for much of the Metro Vancouver region are in.

According to the Real Estate Board of Greater Vancouver (REBGV), the month-over-month home price increases seen earlier in the year slowed down in September 2023 due to a seasonal decline in sales and a modest increase in inventory levels.

There were a total of 1,926 home sales within REBGV’s jurisdiction in September 2023, representing a 13.2% increase from the same month in 2022 and a 26.3% drop from the 10-year seasonal average.

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“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 10 years,” said Andrew Lis, the director of economics and data analytics for REBGV, in a statement.

“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 a total of 5,446 homes newly listed for sale over the course of the month, representing a 28.4% increase from September 2022 and a 5% increase over the 10-year seasonal average.

Currently, there are 11,382 homes listed for sale within REBGV’s jurisdiction, which is a 9% increase compared to the same month in 2022 and a 6% drop below the 10-year seasonal average.

“In contrast to the spring and summer, the 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,” continued Lis.

“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.”

Within REBGV jurisdiction, the benchmark price for all homes reached $1.203 million in September 2023, which is a 0.4% decrease compared to August 2023 but a 4.4% increase from September 2022.

REBGV’s jurisdiction covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and all of the Tri-Cities and North Shore. Other areas, such as Surrey, Langley, Delta, and White Rock, are part of the Fraser Valley Real Estate Board.

Homes in Vancouver’s Westside area saw a benchmark price of $1.349 million in August 2023, with single-family detached houses at $3.554 million, townhouses at $1.458 million, and apartments at $849,800, whereas homes in Vancouver’s Eastside area saw a benchmark price of $1.349 million, with single-family detached houses at $1.898 million, townhouses at $1.140 million, and apartments at $719,100.

September 2023 home sales statistics: REBGV

• Detached homes
  • Number of units sold: 572 (+7.5% over September 2022)
  • Active listings: 4,551
  • Benchmark price: $2,017,100 (+5.8% over September 2022; -0.1% over August 2023)
  • Average days on the market: 32
• Apartment homes
  • Number of units sold: 988 (+11.3% over September 2022)
  • Active listings: 4,630
  • Benchmark price: $768,500 (+5.8% over September 2022; -0.2% over August 2023)
  • Average days on the market: 25
• Townhomes
  • Number of units sold: 352 (+28.5% over September 2022)
  • Active listings: 1,629
  • Benchmark price: $1,098,400 (+5.3% over September 2022; -0.5% over August 2023)
  • Average days on the market: 23