Market Update September 2023

A key dynamic that we’ve been watching this year has been the reluctance of some homeowners to list their homes given that mortgage rates are the highest they’ve been in over ten years,” Andrew Lis, REBGV’s director of economics and data analytics said. “With fewer listings coming to the market earlier this year than usual, inventory levels remained very low, which led prices to increase throughout the spring and summer months.”

What’s happening on the North Shore?

What’s the “talk" out there since the mortgage rates have increased exponentially over the past year. Here’s what we are seeing…

The listing counts are still very low in all categories however, it is evident the Sales for September have picked up.

North Vancouver, Detached homes
33% of the Actual sales reported were over the asking price.
“Processed" Sales for September is 53 and the actual reported Sales for September to date are 30.
There are 21/2 weeks (two shorter weeks for Oct due to holidays) for the balance of September and the Actual sales to be reported we expect will pass the processed sales for September which is a positive sign for market activity.

North Vancouver Condos
16% of the Actual sales reported were over the asking price and 18% were at the asking price.
84 processed Sales for September and 62 Actual sales reported to date. Condo's will also pass the processed sales for September indicating a positive sign of market activity as well in the sector.

West Vancouver:
Detached inventory dropped this week and Actual reported sales to date were 23. We expect sales to pass 30 for September and will be interesting to see if this picks up in October.

In any market there are moves that can be beneficial. We hope to connect with you soon on your real estate questions.