As we navigate through 2023, one clear trend in the Vancouver real estate market is the ongoing discrepancy between the number of homes listed on the MLS (Multiple Listing Service) and the volume of actual sales. These figures continue to remain below the 10-year average. While various factors are at play, it is evident that much of the current market focus revolves around interest rates.
It's important to note that a significant portion of individuals engaging in real estate transactions are doing so out of necessity rather than mere preference. Life circumstances are often the driving force behind these decisions, compelling people to relocate.
One key factor influencing certain buyers' decisions is the expiration of their rate hold. Those who have secured lower interest rates are understandably motivated to find and secure a property before those rates expire. However, we urge caution even in such cases. Rushing into a real estate transaction without thorough consideration can lead to unforeseen complications.
Additionally, we've observed an increasing number of investor-owned properties hitting the market. This trend is primarily due to rising mortgage payments, which, in some instances, surpass the rental income generated from these properties. Investors are adjusting their portfolios accordingly.
As we move forward in this dynamic real estate landscape, we strongly advise all prospective buyers and sellers to ensure they have access to accurate and up-to-date information specific to their local market. Our team is here to provide you with expert guidance and facilitate meaningful conversations to help you make well-informed decisions.
Your trust and confidence in our services are of utmost importance to us, and we look forward to assisting you in navigating the ever-evolving Vancouver real estate market.
Sales
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 1,926 in September 2023, a 13.2% increase from the 1,701 sales recorded in September 2022. This was 26.3% below the 10-year seasonal average (2,614).
Listings
There were 5,446 detached, attached and apartment properties newly listed for sale on the MLS in Metro Vancouver in September 2023. This represents a 28.4% increase compared to the 4,243 homes listed in September 2022.
Home Prices
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,300. This represents a 4.4% increase over September 2022 and a 0.4% decrease compared to August 2023.
ATTACHED PROPERTIES
Vancouver Downtown - Attached
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: up by 19% over last month.
Most Active Price Band: $400,000 to $500,000 with average 75% sales ratio (sellers market).
Buyers Best Bet: homes minimum $3.5 mil to $4 mil, Coal Harbour and 3 bedroom properties.
Sellers Best Bet: selling homes in Downtown, West End, Yaletown and up to 1 bedroom properties.
Vancouver Westside - Attached
Balanced market at 19% sales ratio average (1.9 in 10 homes selling rate).
Sale to List Price Ratio: homes are selling on average 2% below list price.
Inventory: up by 15% over last month.
Most Active Price Band: $600,000 to $700,000 with average 38% sales ratio (sellers market).
Buyers Best Bet: homes between $2.75 mil to $3 mil, Marpole, South Granville and minimum 4 bedroom properties.
Sellers Best Bet: selling homes in Kerrisdale, up to 1 bedroom properties.
Vancouver Eastside - Attached
Sellers market at 23% sales ratio average (2.3 in 10 homes selling rate).
Sales to List Price Ratio: homes are selling on average 100% of list price.
Inventory: up by 19% over last month.
Most Active Price Band: $500,000 to $600,000 with average 47% sales ratio (sellers market).
Buyers Best Bet: home between $1.5 mil to $1.75 mil Fraser, Renfrew and minimum 3 bedroom properties.
Sellers Best Bet: selling homes in Grandview Woodland, and up to 1 bedroom properties.
South Surrey, White Rock - Attached
Sellers market at 32% sales ratio average (3.2 in 10 homes selling rate).
Sales to List Price Ratio: homes are selling on average 100% of list price.
Inventory: up by 5% over last month.
Most Active Price Band: $400,000 to $500,000 with average >100% sales ratio (sellers market).
Buyers Best Bet: home between $1.75 mil to $2 mil, Grandview, White Rock and 2 bedroom properties.
Sellers Best Bet: selling homes in Pacific Douglas and up to 1 bedroom properties.
DETACHED PROPERTIES
Vancouver Westside - Detached
Buyers market at 10% sales ratio average (1 in 10 homes selling rate).
Sale to List Price Ratio: homes are selling on average 3% below list price.
Inventory: up by 9% over last month.
Most Active Price Band: $2.5 mil to $2.75 mil with average 56% sales ratio (sellers market).
Buyers Best Bet: homes between $7.5 mil, SW Marine and up to 2 / minimum 7 bedroom properties.
Sellers Best Bet: selling homes in Kerrisdale, Kitsilano and 3 to 6 bedroom properties.
Vancouver Eastside - Detached
Balanced market at 14% sales ratio average (1.4 in 10 homes selling rate).
Sales to List Price Ratio: homes are selling on average at 1% above list price.
Inventory: up by 10% over last month.
Most Active Price Band: $1.25 mil to $1.5 mil with average 63% sales ratio (sellers market).
Buyers Best Bet: homes between $3.5 mil to $4 mil, Collingwood, Mount Pleasant, Renfrew Heights and up to 2 bedroom properties.
Sellers Best Bet: selling homes in Renfrew and 3 to 4 bedroom properties.
North Vancouver - Detached
Sellers market at 22% sales ratio average (2.2 in 10 homes selling rate).
Sale to List Price Ratio: homes are selling on average 4% below list price.
Inventory: up by 27% over last month.
Most Active Price Band: $1.5 mil to $1.75 mil with average >100% sales ratio (sellers market).
Buyers Best Bet: homes between $3.5 mil to $4 mil, Deep Cove and minimum 7 bedroom properties.
Sellers Best Bet: selling homes in Boulevard, Dollarton and 3 to 4 bedroom properties.
West Vancouver - Detached
Buyers market at 7% sales ratio average (7 in 100 homes selling rate.)
Sale to List Price Ratio: homes are selling on average 7% below list price.
Inventory: up by 7% over last month.
Most Active Price Band: $2.5 mil to $2.75 mil with average 19% sales ratio (Balanced market).
Buyers Best Bet: homes between $7.5 mil, Chartwell and 5 to 6 bedroom properties.
Sellers Best Bet: selling homes in Bayridge and 3 to 4 bedroom properties.
South Surrey, White Rock - 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 5% below list price.
Inventory: down by 4% over last month.
Most Active Price Band: $1.25 mil to $1.5 mil with average 26% sales ratio (sellers market).
Buyers Best Bet: homes between $2.75 mil to $3 mil, White Rock and minimum 7 bedroom properties.
Sellers Best Bet: selling homes in Sunnyside Park and 3 to 4 bedroom properties.
Posted by Glenn Feldstein PREC on
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