September 2022 Market Update

September 2022 Market Update:

Last month in Greater Vancouver, sales of all home types fell 46.4% compared to Sept 2021. Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below the region’s long-term averages. The continued aggressive interest rate hikes by the Bank of Canada to tackle inflation has resulted in buyers waiting on the sidelines. With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period.

We often find the statistics can be broad, and you might wonder “How does this relate to my home?”  We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understanding what’s really going on.

Downtown Vancouver: 

• Market Type: Balanced Market at 14% Sales Ratio average (1.4 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: $400,000 to $500,000 with average 50% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.25 mil to $2.5 million within Coal Harbour, Westend and 3 bedroom properties. There are currently 32 active listings within this price band with only 1 sale.
• Opportunity for Sellers: Selling homes in Downtown and up to 1 bedroom properties. The sales ratio for this product type is currently 24% which is a sellers market.

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 12% Sales Ratio average (1.2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 4% below list price
• Most Active Price Band: $1.5 mil to $1.75 mil with average 35% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.25 mil to $2.5 mil, Collingwood, Victoria and up to 2 bedroom properties
• Opportunity for Sellers: Selling homes in Hastings Sunrise, Killarney and 3 to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 25% Sales Ratio average (2.5 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: $500,000 to $600,000 with average 49% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $1 mil to $1.5 mil, Strathcona and minimum 2 bedroom properties
• Opportunity for Sellers: Selling homes in Champlain Heights, Hastings and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Buyers Market at 9% Sales Ratio average (9 in 100 homes selling rate)
• Housing Prices: Homes are selling on average 7% below list price
• Most Active Price Band: $2.25 mil to $2.5 mil with average 100% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $7.5 mil, Shaughnessy, South Granville and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Kitsilano and up to 2 bedroom properties

Attached Housing

• Market Type: Sellers Market at 26% Sales Ratio average (2.6 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% below list price
• Most Active Price Band: $500,000 to $600,000 with average 100% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $1.75 mil to $2 mil, Dunbar, Kerrisdale, Quilchena, South Cambie and South Granville
• Opportunity for Sellers: Selling homes in Fairview, Kitsilano, University and up to 1 bedroom properties

We are often asked, “How’s the market?” To which we always respond with, “It depends!”. Headline news often speaks to the greater Vancouver real estate market overall, but it depends on which micro market, price band and product type you are talking about.

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on October 3, 2022 from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.