September 2022: Vancouver Real Estate Highlights

Homes are still expensive in Vancouver, but as residential sales continue to decline in Metro Vancouver we are experiencing a shift toward a Buyer’s market. Here’s an overview of the real estate market based on September’s activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 percent decrease from the 3,149 sales recorded in September 2021, and a 9.8 percent decrease from the 1,870 homes sold in August 2022. Last month’s sales were 35.7 per cent below the 10-year September sales average.

MARKET REPORT BY PROPERTY TYPE

ARE WE APPROACHING A BUYERS MARKET?

To understand what’s happening in the real estate market you have to look at supply and demand. The best measures 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)

Less inventory & fewer months of supply will make conditions more favourable for sellers, while more inventory and higher months of supply is more favourable for buyers. The sudden slow down in sales and hence increase in months of supply mean it’s now a more balanced market and no longer a strong sellers market.

SELLING YOUR HOME IN A BUYER’S MARKET

With predictions suggesting home prices are going to continue falling, waiting it out might not be a feasible option. So, if you find yourself needing to list your home in an ever increasing competitive market, there are some things you can do to ensure you sell in a timely manner and for a respectable price.

Recommended read > Tips for Selling Your Home in a Buyer’s Market

Ultimately, you’ll want to utilize as many marketing strategies as you can, and that starts with choosing the right Realtor.

*  Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.