October numbers are in and it appears the market could be shifting to a balanced state, generally speaking. To be sure we'll have to see how the rest of the year plays out. It as been quite some time since anyone has considered our market to be balanced.

“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year. With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions."

One reason for more listings can be attributed to investors looking to cash out due to shifts in interest rates and the challenges of rental income not adequately covering monthly expenses. Moreover, there is a notable decline in the number of buyers entering the market, largely influenced by the prevailing interest rate conditions. These developments signify a pivotal juncture in Vancouver’s real estate landscape.

To gain a comprehensive understanding of the local market dynamics, it’s advisable to reach out, as different areas are currently showing a preference for sellers, while others are leaning in favour of buyers.

VIDEO: Rates vs Home Prices: https://youtu.be/8ZrJa8oTMaQ?si=M1AjvBkPGb9nznCC

Contact Glenn: https://www.glennandbrittany.com/social-connect/


ATTACHED PROPERTIES

Vancouver Downtown - Attached

Buyers market at 11% sales ratio average (1.1 in 10 homes selling rate).

Sale to List Price Ratio: homes are selling on average 1% below list price.

Inventory: up by 3% over last month.

Most Active Price Band: $500,000 to $600,000 with average 27% sales ratio (sellers market).

Buyers Best Bet: homes minimum $5 mil, Coal Harbour and 3 bedroom properties.

Sellers Best Bet: selling homes in the West End and up to 1 bedroom properties.

VANCOUVER WESTSIDE - ATTACHED

Balanced market at 18% sales ratio average (1.8 in 10 homes selling rate).

Sale to List Price Ratio: homes are selling on average 100% of list price.

Inventory: up by 5% over last month.

Most Active Price Band: $500,000 to $700,000 with average 30% sales ratio (sellers market).

Buyers Best Bet: homes between $2.25 mil to $2.5 mil, Marpole, Oakridge, South Cambie, South Granville and minimum 3 bedroom properties.

Sellers Best Bet: selling homes in Kitsilano, Point Grey up to 1 bedroom properties.


VANCOUVER EASTSIDE - ATTACHED

Sellers market at 25% sales ratio average (2.5 in 10 homes selling rate).

Sales to List Price Ratio: homes are selling on average 1% below list price.

Inventory: up by 7% over last month.

Most Active Price Band: $700,000 to $800,000 with average 46% sales ratio (sellers market).

Buyers Best Bet: home between $1.25 mil to $1.5 mil Downtown, South Vancouver and 3 bedroom properties.

Sellers Best Betselling homes in Champlain Heights, Fraser, Hastings and minimum 4 bedroom properties.

SOUTH SURREY, WHITE ROCK - ATTACHED

Sellers market at 22% sales ratio average (2.2 in 10 homes selling rate).

Sales to List Price Ratio: homes are selling on average 3% below list price.

Inventory: up by 13% over last month.

Most Active Price Band: $500,000 to $600,000 with average 44% sales ratio (sellers market).

Buyers Best Bet: home between $1.25 mil to $1.5 mil, Grandview, Pacific Douglas, White Rock and minimum 4 bedroom properties.

Sellers Best Bet: selling homes in Morgan Creek and 3 bedroom properties.


DETACHED PROPERTIES

VANCOUVER WESTSIDE - DETACHED

Balanced market at 12% sales ratio average (1.2 in 10 homes selling rate).

Sale to List Price Ratio: homes are selling on average 1% below list price.

Inventory: equal to last month.

Most Active Price Band: $2.75 mil to $3.5 mil with average 34% sales ratio (sellers market).

Buyers Best Bet: homes between $7.5 mil, Arbutus, Quilchena, Shaughnessy, Southlands and minimum 7 bedroom properties.

Sellers Best Bet: selling homes in Dunbar, Mackenzie Heights, SW Marine and up to 4 bedroom properties.

VANCOUVER EASTSIDE - DETACHED

Balanced market at 16% sales ratio average (1.6 in 10 homes selling rate).

Sales to List Price Ratio: homes are selling on average at 2% above list price.

Inventory: up by 3% over last month.

Most Active Price Band: $1.5 mil to $1.75 mil with average 40% sales ratio (sellers market).

Buyers Best Bet: homes between $3 mil to $3.5 mil, Collingwood, Knight, Renfrew Heights, South Vancouver and Victoria.

Sellers Best Bet: selling homes in Fraser and 3 to 4 bedroom properties.

NORTH VANCOUVER - DETACHED

Sellers market at 25% sales ratio average (2.5 in 10 homes selling rate).

Sale to List Price Ratio: homes are selling on average 6% below list price.

Inventory: down by 3% over last month.

Most Active Price Band: $1.5 mil to $1.75 mil with average 78% sales ratio (sellers market).

Buyers Best Bet: homes between $2.75 mil to $3 mil, Canyon Heights, Dollarton, Upper Delbrook and 3 to 6 bedroom properties.

Sellers Best Bet: selling homes in Edgemont, Lynn Valley and minimum 7 bedroom properties.

WEST VANCOUVER - DETACHED

Buyers market at 6% sales ratio average (6 in 100 homes selling rate.)

Sale to List Price Ratio: homes are selling on average 4% below list price.

Inventory: down by 5% over last month.

Most Active Price Band: $2 mil to $2.25 mil with average 21% sales ratio (sellers market).

Buyers Best Bet: homes between $7.5 mil, British Properties and minimum 7 bedroom properties.

Sellers Best Bet: selling homes in Ambleside and 3 to 4 bedroom properties. 

SOUTH SURREY, WHITE ROCK - DETACHED

Balanced market at 11% sales ratio average (1.1 in 10 homes selling rate.)

Sale to List Price Ratio: homes are selling on average 5% below list price.

Inventory: up by 4% over last month.

Most Active Price Band: $1.5 mil to $1.75 mil with average 25% sales ratio (sellers market).

Buyers Best Bet: homes between $2 mil to $2.25 mil, Morgan Creek, Pacific Douglas and minimum 7 bedroom properties. 

Sellers Best Bet: selling homes in Elgin Chantrell and up to 2 bedroom properties.  

Posted by Glenn and Brittany Real Estate on

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