Greater Vancouver sale prices soften as more homes go on market: real estate board
Posted October 4, 2023 9:52 am.
Last Updated October 4, 2023 9:59 am.
More homes are going on the market and that’s keeping the average sale price down, according to the Real Estate Board of Greater Vancouver.
The board says the number of homes for sale jumped close to 10 per cent in September, compared to the same time last year, for a total of just under 11,400 listings.
That’s pushed the average sale price down slightly compared to August, the REBGV explains.
“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. This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year,” Andrew Lis, the board’s director of economics and data analytics, said.
“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.”
However, as more homes a listed, so too does the overall number of sales.
The board says residential home sales in Great Vancouver rose just over 13 per cent in September, compared to the same month last year. However, when the board looks at the ten-year average, home sales are down over 26 per cent.
“A key dynamic that 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 ten years,” Lis said. “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.”
Still, a detached home in the region is going for about $2 million, an increase of just under six per cent from September 2022.
Meanwhile, condos in the region are averaging about $770,000, also an increase of just under six per cent from the same month last year.