VANCOUVER REAL ESTATE MARKET UPDATE FOR SEPTEMBER 2022

Metro Vancouver saw more home sellers and fewer buyers in September.

The Real Estate Board of Greater Vancouver saw residential homes sales total 1,687 in September 2022 which is a 46.4% decrease from this time last year (3,149) and a 9.8% decrease from the 1,870 homes sold in August 2022. Last month's sales were 35.7% below the 10-year September sales average.

Newly listed properties in September for Metro Vancouver reached 4,229 for all property types. This equates to a 18.2% decrease from September 2021 (5,171) and a 27.1% decrease compared to August 2022 (3,328).

Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw a decrease in the combined sales-to-active ratio from last month and now we are in a Balanced Market.

Broken down by property type, the sales-to-active ratio for September 2022 is 12.4% for detached homes, 18.4% for townhouses, and 20.9% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market as well and the detached sector is in a Balanced Market.

The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,155,300 this represents a 3.9% increase over September 2021.

The total sales for September 2022 were 1,687. This works out to 525 detached homes with a benchmark price of $1,906,400, 274 townhouses with a benchmark price of $1,048,900 and 888 apartments with a benchmark price of $728,500.

Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!