On an annual basis, listings surged while sales had a more modest increase
A marked increase in new listings in September helped dial back some of the intensity seen in the Vancouver market over the past few months, according to the Real Estate Board of Greater Vancouver.
The region saw a total of 5,446 new listings in September, representing a 28.4% annual increase. This level was also 5.2% above the 10-year seasonal average of 5,179 units, the REBGV said.
Total inventory in Metro Vancouver stood at 11,382, a 9.2% increase from September 2022. However, this was still 6.2% below the region’s 10-year seasonal average of 12,136 units.
“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, REBGV director of economics and data analytics. “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.”
Vancouver's industrial market continues to thrive despite increasing interest rates. Our data shows demand for industrial strata properties remains strong & the average price per square foot has risen steadily. Read more with @CMPmagazine: https://t.co/pfowhkGat9 #AYdifference
— Avison Young | Canada (@AY_Canada) June 28, 2023
Home sales totalled 1,926 transactions in September, up by 13.2% annually but remained 26.3% 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,” Lis said.
“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.”
