Navigating British Columbia, Vancouver, and Calgary Real Estate in September 2023: Insights to Empower Your Decisions
The real estate journey in British Columbia, Vancouver, and Calgary is an ever-evolving adventure, filled with data-driven insights, market trends, and valuable information. As we delve into the highlights of September 2023, join us on a tour of these dynamic markets. We’ve included Calgary in response to the surge in interprovincial migration and investor interest, making this an all-encompassing exploration of key real estate regions. Discover the significance of the numbers and how they can guide your real estate decisions.
British Columbia Real Estate: A Closer Look
Listings Surge, Prices Rise:
September 2023 witnessed a remarkable 10.4% increase in listings, a clear sign of an active market (BCREA & MLS).
Despite the boost in listings, the average residential price in BC saw a healthy 4.8% uptick, reaching $966,530 compared to September 2022.
Robust Sales Volume:
The total sales volume in the province surged to an impressive $5.3 billion in September, marking a substantial 15.7% increase from the previous year.
Active Listings and Year-to-Date Trends:
Active listings grew by 8.1% year-over-year, with 33,000 listings active across the province.
However, it’s essential to note that the year-to-date residential sales dollar volume dipped by 15%, totaling $57.9 billion compared to the same period in 2022.
Impact of Interest Rate Hikes:
BCREA Chief Economist Brendon Ogmundson highlighted the Bank of Canada’s recent interest rate tightening and its effect on the market. Home sales are trending below average levels as potential buyers grapple with the high cost of borrowing.
In Vancouver, seasonally adjusted home prices experienced an 11.8% month-over-month decline in September, marking the third consecutive monthly drop.
Sales fell by 21% from their peak in May, indicating a significant market shift.
New listings are on the rise, increasing by 16% month-over-month and by 29% compared to the same time last year, a shift towards a buyer’s market.
While supply levels appear normal, median home prices saw a decline of 2.1% for detached homes and 1.3% for condos.
Calgary Real Estate: A Tale of Strong Sales
Strong Year-over-Year Sales in Calgary:
Calgary experienced an impressive 30% year-over-year increase in sales.
However, seasonally adjusted figures revealed a 7% decrease in sales in September, indicating potential market fluctuations.
Condos Driving Gains:
Condos continue to be the driving force behind market gains in Calgary, with a remarkable 60% increase in demand relative to 2022 levels.
Inventory and Price Rises:
Inventory remains historically low, with active listings down by 24% in Calgary and 16% in Edmonton year-over-year.
The tight market conditions and affordability in relation to neighboring provinces have contributed to rising prices. The benchmark price in Calgary has surpassed $550,000, reflecting an 18% increase over the last six months. Condos have seen a notable increase of 14.5%, while single-family homes (SFH) recorded an 11% rise in prices.
Conclusion: Navigating with Knowledge
The real estate landscape in British Columbia, Vancouver, and Calgary is brimming with opportunities and nuances. These insights not only provide a snapshot of current conditions but also guide us toward informed decisions. Knowledge is your ally, and these figures are your compass in the real estate journey. We’ve included Calgary in response to the surge in interprovincial migration and investor interest, recognizing its growing importance in the Alberta market. For the most up-to-date information, refer to the sources provided, including the BCREA, Interior Realtors, and CREA Statistics releases.