The price gains witnessed on a month-over-month basis earlier this year subsided in September within the Metro Vancouver housing market. This was primarily attributed to a seasonal decline in sales and a slight uptick in inventory levels across the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,926 in September 2023, a 13.2 percent increase from the 1,701 sales recorded in September 2022. This was 26.3 percent below the 10-year seasonal average (2,614).
“It’s been an interesting spring and summer market, to say the least. Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.”Andrew Lis, REBGV director of economics and data analytics