September 2023 Real Estate Market Update for Greater Vancouver

Written by Caroline Yuen on October 9, 2023.

In September 2023, the total number of residential home sales in the region reached 1,926, marking a 13.2 percent rise compared to the 1,701 sales documented in September 2022. However, this figure remained 26.3 percent below the 10-year seasonal average of 2,614.

A total of 5,446 detached, attached, and apartment properties were freshly listed for sale on the market in Metro Vancouver. This signifies a notable 28.4 percent surge compared to the 4,243 homes listed in September 2022.

For all categories of residential properties, including detached, attached, and apartments, the sales-to-active listings ratio for September 2023 stands at 17.7 percent. When broken down by property type, the ratio is 12.6 percent for detached homes, 21.6 percent for townhomes, and 21.3 percent for apartments.

The sales of detached homes amounted to 572, indicating a growth of 7.5 percent compared to the 532 detached sales reported in September 2022. The benchmark price for detached homes stands at $2,017,100, reflecting a 5.8 percent rise from September 2022 but a slight 0.1 percent decrease when compared to August 2023.

The sales of apartment homes reached 988 in September 2023, marking an 11.3 percent rise when compared to the 888 sales recorded in September 2022. The benchmark price for an apartment home is currently at $768,500, signifying a 5.8 percent increase from September 2022 and a slight 0.2 percent decrease when compared to August 2023.

The total sales of attached homes reached 352, marking a substantial 28.5 percent increase when compared to the 274 sales in September 2022. The benchmark price for attached homes currently stands at $1,098,400, reflecting a 5.3 percent increase from September 2022 but a slight 0.5 percent decrease when compared to August 2023.

Data sourced from https://www.rebgv.org/