Vancouver Real Estate Market Update For October 2023

This is my one-minute update about the 2 most important things happening in the Vancouver real estate market right now.

Most of my private clients want to know these 2 things.

1. Has the value of my home gone up or down? and
2. If I wanted to sell my home now how long would it take?

• The detached home average price increased by 3.1% year-over-year.
• The attached home average price increased by 10.5% year-over-year.
• The condo apartment average price increased by 8.8% year-over-year.

Despite this many of Metro Vancouver’s neighbourhoods are in balanced or buyer’s market territory at the moment.

And, if you were to sell your home today and leave Vancouver, using my video marketing process, it would take approximately 2-6 weeks depending on the area you live in.

Now, if you want to know something specific about your home, your neighbourhood, your street, or even your neighbour’s home, just message me below and I’ll get you all the details.

And now, here are the Real Estate Board Of Greater Vancouver Stats

According to the Real Estate Board of Greater Vancouver, home sales in the region saw a 13.2 percent increase from the sales recorded in September 2022 and a 19.2 percent decrease from the homes sold between August 2023 and September 2023. This was 26.3 percent below the 10-year seasonal average

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.

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.

The number of detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2023 saw a 28.4 percent increase compared to the homes listed in September 2022.  

This was 5.2 percent above 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. 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.

To sum it all up in a nutshell, as inventory increases, price gains relent in Metro Vancouver to begin the fall season.

So, what does this mean for you, dear buyer or seller? Well, if you're a buyer, you have a little more time and more choices to make your decision.

Although, if you are looking to buy and you see something that ticks most of your boxes, don’t wait. Act quickly because I can guarantee you someone else will snap it up while you’re mulling things over.

And, if you're a seller, it's crucial to have a top-notch agent with a killer video marketing strategy to get your home sold. Plus, make sure you're pricing your home at a fair market value for the current conditions.