The Stats are in!
The September 2023 stats from the Real Estate Board of Greater Vancouver have shown a slight decrease in benchmark sale prices (≈ 0.25%).
Low inventory levels earlier this year contributed to sustained price growth but as inventory levels normalize, benchmark sale prices are starting to adjust. Buyers now have more options and properties are not always receiving the same level of interest as earlier this year, allowing for increased negotiation.
Decreases in benchmark sale prices result, not only from increased inventory, but also the sustained change in affordability. While no interest rate increase came this September, many are still feeling the effects of the sharply increased borrowing costs over the past year. This too is contributing to benchmark sale prices adjusting as there are simply less people able to purchase at this time.
This September, Ballard360 helped multiple clients purchase and sell properties on the North Shore as well helping clients search in Squamish, the Sunshine Coast, Nanaimo, and Hope. While many may be disheartened by current affordability, the current market offers buyers more options and less competition. Additionally, with increases in working remote and in efficient transportation, there are more and more amazing areas to be considered for those looking to purchase a first home, upsize, or downsize!
If you have any questions, want to strategize purchasing / selling, or explore different options, send us a text or give us a call!
James – 604-360-7529
Source: The Real Estate Board of Greater Vancouver