Metro Vancouver housing market experienced a slowdown in price gains and a shift in supply and demand dynamics during September, which is consistent with typical seasonal patterns in the real estate market. In September, there was a decline in sales activity. This seasonal pattern is common in real estate, with market activity often slowing down as summer transitions into the fall. Inventory levels in the market increased modestly in September. This suggests that more properties became available for sale, potentially giving buyers more options.
In September 2023, a total of 5,446 properties, including detached homes, attached homes, and apartment properties, were newly listed for sale on the Multiple Listing Service® (MLS®). This number represents a substantial 28.4 % increase in new listings compared to September 2022, when 4,243 homes were listed for sale.
Detached Home Sales: In September 2023, there were 572 sales of detached homes, which is a 7.5% increase compared to the 532 detached sales recorded in September 2022. The benchmark price for a detached home in September 2023 is $2,017,100. This represents a 5.8% increase from the same month in the previous year (September 2022).
Apartment Home Sales: In September 2023, there were 988 sales of apartment homes, marking an 11.3% increase compared to the 888 sales recorded in September 2022. The benchmark price for an apartment home in September 2023 stands at $768,500. This represents a 5.8% increase from the same month in the previous year (September 2022).
Attached Home Sales: In September 2023, there were 352 sales of attached homes, which represents a substantial 28.5% increase compared to the 274 sales recorded in September 2022. The benchmark price for an attached home in September 2023 is $1,098,400. This benchmark price reflects the average value of attached homes in the market.
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Keller Williams Elite Realty, Port Coquitlam, B.C.