September 2023 Vancouver Real Estate Market Insights

September 2023 Vancouver Real Estate Market Insights

In September 2023, the Metro Vancouver housing market experienced a moderation in month-over-month price gains, primarily due to the usual seasonal dip in sales and a slight increase in available properties. Residential home sales in the region reached 1,926, showing a 13.2% rise compared to September 2022 but falling 26.3% below the 10-year seasonal average of 2,614. Additionally, new property listings in September 2023 numbered 5,446, marking a 28.4% increase compared to the same month in 2022.

Andrew Lis, the director of economics and data analytics at REBGV, highlighted a significant factor this year—the hesitation of some homeowners to list their properties due to historically high mortgage rates. This led to lower-than-usual listings earlier in the year, resulting in a scarcity of inventory and subsequent price increases during the spring and summer months. However, the September data indicates a renewed interest among sellers, with new listings aligning more closely with long-term averages. This increase in listings, combined with the seasonal slowdown in fall sales, has contributed to a more balanced overall market.

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 understand what’s really going on in your neighbourhood.

Downtown Vancouver: 

• Market Type: Balanced Market at 12% Sales Ratio average (1.2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: Homes between $400,000 – $500,000 with average 75% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $3.5mil to $4mil, Coal Harbour and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Downtown, West End, Yaletown and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Buyers Market at 10% Sales Ratio average (1 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% below list price
• Most Active Price Band: Homes between $2.5mil to $2.75mil with average 56% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $7.5mil, SW Marine and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Kerrisdale, Kitsilano and 3 to 6 bedroom properties

Attached Housing

• Market Type: Balanced Market at 19% Sales Ratio average (1.9 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: Homes between $600,000 – $700,000 with average 38% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.75mil to $3mil, Marpole, South Granville and minimum 4 bedroom properties
• Opportunity for Sellers: Selling homes in Kerrisdale and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 14% Sales Ratio average (1.4 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% above list price
• Most Active Price Band: Homes between $1.5 and $1.5 mil with average 63% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $3.5mil to $4mil, Collingwood, Mount Pleasant, Renfrew Heights and up to 2 bedroom properties
• Opportunity for Sellers: Selling homes in Renfrew and 3 to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 23% Sales Ratio average (2.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 100% of list price
• Most Active Price Band: Homes between $500,000 – $600,000 with average 47% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $1.5mil to $1.75mil, Fraser, Renfrew and minimum 3 bedroom properties
• Opportunity for Sellers: Selling homes in Grandview Woodland and up to 1 bedroom properties

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 Oct 2, 2023 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.