Greater Vancouver Real Estate Market Update: November 2023

The Greater Vancouver real estate market has been experiencing a cooling down in the recent months, as demand has weakened and supply has increased. According to the Real Estate Board of Greater Vancouver (REBGV), sales have decreased by 16.1% month-over-month and by 14.2% year-over-year in September, while new listings have increased by 10.5% month-over-month and by 25.6% year-over-year. The REBGV also reported that the benchmark price for a residential property in Greater Vancouver was $1,203,300 in September, down 0.4% from August and up 4.4% from September 2022.

However, the outlook for the Greater Vancouver real estate market remains optimistic, as buyers are expected to benefit from lower prices and more choices in the coming months. The Canadian Real Estate Association (CREA) has forecasted that national home sales will increase by 13.9% in 2024, as housing markets continue to return to the long-term trend and monetary policy moves towards a more neutral stance. The CREA also projected that the national average home price will recover by 4.7% in 2024, reaching $702,200.

In this blog post, we will highlight three popular areas in Greater Vancouver: Vancouver, Burnaby and Richmond. These areas offer a variety of housing options, amenities and lifestyles for different types of buyers.

Vancouver

Vancouver is the largest city in British Columbia and the third-largest metropolitan area in Canada. It is a cosmopolitan and multicultural city that offers urban living, natural beauty and cultural diversity. Vancouver has several neighbourhoods with distinct characteristics and attractions, such as Downtown, Kitsilano, West End, Yaletown, Gastown and Chinatown.

Vancouver is also a hub for education, innovation and entertainment. It is home to several post-secondary institutions, such as the University of British Columbia, Simon Fraser University and Emily Carr University of Art and Design. It also hosts many festivals and events throughout the year, such as the Vancouver International Film Festival, the Celebration of Light and the Vancouver Pride Parade.

Vancouver’s real estate market is premium and competitive compared to other Canadian cities. The average price for a detached home in Vancouver was $2,580,000 in September 2023, while the average price for a condo was $1,010,000. The most active areas for sales were East Vancouver, Westside and Downtown.

Vancouver’s real estate market statistics for September 2023 are as follows:

• Sales: 1,926 (-16.1% month-over-month; -14.2% year-over-year)
• Active listings: 6,719 (+10.5% month-over-month; +25.6% year-over-year)
• Sales-to-active listings ratio: 28.7%
• Average days on market: 19 (-5 days month-over-month; -11 days year-over-year)
• Benchmark price: $2,580,000 for detached homes (-0.4% month-over-month; +4.4% year-over-year); $1,010,000 for condos (-0.5% month-over-month; +5.8% year-over-year)

Burnaby

Burnaby is a city that borders Vancouver to the east and is the third-largest city in British Columbia. It is a diverse and dynamic community that offers suburban convenience, urban amenities and scenic views . Burnaby has four quadrants: Northeast , Northwest , Southeast and Southwest . Each quadrant has its own unique character and attractions .

Burnaby is also a centre for education, technology and culture . It is home to two post-secondary institutions, Simon Fraser University and British Columbia Institute of Technology . It also hosts many attractions and landmarks, such as Metropolis at Metrotown , Burnaby Village Museum and Burnaby Mountain .

Burnaby’s real estate market is attractive and affordable compared to Vancouver. The average price for a detached home in Burnaby was $1,830,000 in September 2023, while the average price for a condo was $720,000. The most active areas for sales were Metrotown , Brentwood Park and South Slope .

Burnaby’s real estate market statistics for September 2023 are as follows:

• Sales: 501 (-16% month-over-month; -28.8% year-over-year)
• Active listings: 1,392 (+11.9% month-over-month; +29.9% year-over-year)
• Sales-to-active listings ratio: 36%
• Average days on market: 21 (-7 days month-over-month; -9 days year-over-year)
• Benchmark price: $1,830,000 for detached homes (-0.5% month-over-month; +6.7% year-over-year); $720,000 for condos (-0.7% month-over-month; +8.1% year-over-year)

Richmond

Richmond is a city that lies on Lulu Island at the mouth of the Fraser River and is surrounded by water on three sides. It is a diverse and vibrant community that offers coastal living, cultural richness and agricultural heritage. Richmond has several neighbourhoods with different features and attractions, such as Steveston Village , City Centre , East Richmond and Sea Island .

Richmond is also a destination for tourism, trade and transportation. It is home to the Vancouver International Airport (YVR) , one of the busiest airports in Canada. It also hosts many events and activities throughout the year, such as the Richmond Night Market , the Richmond World Festival and the Richmond Maritime Festival .

Richmond’s real estate market is diverse and accessible compared to other Metro Vancouver cities. The average price for a detached home in Richmond was $1,780,000 in September 2023, while the average price for a condo was $660,000. The most active areas for sales were Brighouse South , Brighouse North and Broadmoor .

Richmond’s real estate market statistics for September 2023 are as follows:

• Sales: 144 (-10% month-over-month; -25.7% year-over-year)
• Active listings: 392 (+14% month-over-month; +23.9% year-over-year)
• Sales-to-active listings ratio: 36.7%
• Average days on market: 33 (+5 days month-over-month; +8 days year-over-year)
• Benchmark price: $1,780,000 for detached homes (-0.6% month-over-month; +9.9% year-over-year); $660,000 for condos (-0.8% month-over-month; +11.5% year-over-year)

I hope you enjoyed this Greater Vancouver real estate blog post for November 2023. If you are interested in buying or selling a property in Greater Vancouver, please contact me today. I would love to help you with your real estate needs.