Sales🔽 : 9.8% decrease compared from August 2022, and and 46.4% decrease from September 2021. Last month’s sales were 35.7% below the 10-year June sales average.
Inventories🔼 : 3.2% increase compared to August 2022 (9,662) and a 8% increase compared to August 2021 (9,236).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,155,300. This represents a 2.1% decrease over August 2022 and 3.9% increase compared to September 2021.
My comments:
People tend to think the market is coming down hard with the current world issues and interest rate hikes. Well, for detached houses that maybe the case and it varies from area to area. For instance, there is a big correction in the Fraser Valley. There are lots of detached homes reducing prices by $100K to $200K at a time, but the ones where everything checks out (great location, great condition, and great layout, etc) are still getting sold at decent prices. There might be slightly more inventories but there aren’t too many decent properties being listed at the moment. Sellers are more willing to negotiate for properties that need renovations done.
For condos around $500K range, there were actually more activities in September compared to few months ago. Downtown condos in the $500K range are getting sold quickly especially the ones with parking spots.
I have recommended downtown condos in the $500K range for a while. For investors with budget around $1M, I came across this interesting listing located in the middle of the future Broadway Subway expansion and within walking distance to downtown Vancouver, Granville Island for under $1M with no rental restriction! https://bcres.paragonrels.com/publink/default.aspx?GUID=8c70adb2-f720-4bef-9b3b-62f47701cd85&Report=Yes
