Written by Alan Kelly, Bōde’s Chief Economist
Real Estate Market Report | Vancouver | September 2023
Vancouver home prices decrease for first time in 9 months
Home buyers continue to purchase in Vancovuer – due to the strong economy as well as an increase in migration. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We empower home buyers and sellers with the data they need to be successful. When you arm yourself with transparent data, you will feel more confident in setting the price of your home and selling it or buying at the right price.
Obviously, there are many important factors to consider (what kind of home you have, what community etc.), so it’s important to look specifically at what the housing market is doing in your neighbourhood. It is dead-easy to look at our data with a personal lens.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Vancouver real estate market as of September 2023?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Home sales continue to be surprisingly strong in metro Vancouver
Home sales continue to be surprisingly strong in metro Vancouver. Sales in August 2023 were up vs 2022 but down 7% compared to the avg of the previous 5 Augusts. Inventory is 16% lower at the end of August than the avg of the last 5 years. Prices decreased for the first time in 9 months, with prices down 0.2% vs last month and up 2.5% from this time last year.
Vancouver's Detached Homes
Sales of detached homes in August 2023 were 24% lower than the average of the last 5 years. Prices increased 0.3% MoM and 3.3% YoY.
Vancouver's Apartments
Sales of apartments were up 4% in August 2023 vs the avg of the last 5 years. Prices decreased 0.2% MoM but are up 4.4% YoY
Vancouver's Attached Homes
Sales of attached homes were 8% lower in August 2023 than the avg of the last 5 years. Prices decreased 0.1% MoM while being up 3.9% YoY
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
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