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It is too early to call this a shift in themarket as we transition into fall but if thiswere like the start of a Canucks game,we’d be paying close attention as sales arebeing significantly outpaced by new listingsso far in September.But like with the Canucks, we are optimistic thatthis burst of new listings will lead to sales asbuyers finally get to see some opportunity ofchoice creeping back in. We’re halfway throughthe first period, I mean month, so there is plentyof market to go in the fall. But for the first time ina while, opportunity is knocking for buyers. Andthe Bank of Canada did their part, keeping itsrate the same. Now we’ll see what the US Feddoes next week with its rate. Indications are itwill remain the same, which could help set thestage for a plateau of interest rates and beginthe conversation of when they will start to edgedown.Let’s start with listings. That’s really the story sofar in September and could very well be thestory of this fall market. At mid-month in GreaterVancouver, there have been 2,982 new listings,

which is higher than the 2,331 new listings atmid-August and above the 2,741 new listings atthe mid-point of July. It’s higher than Septemberlast year at mid-month when 2,244 new listingshad come out and even higher than themid-point of the busy September 2021 marketwhere 2,891 new listings had come out withmuch higher sales. Although last year, we sawa surge in new listings to start the month andthat number in the last half slowed. That maychange this year and we could see the first over6,000 new listings months since early 2022.And without the same pace of sales, we’ll seethe highest growth in active listings in the lastfew years. There will be over 11,000 activelistings in Greater Vancouver for the first timesince June 2021.At the mid-point of September, there were 896sales in Greater Vancouver, a decline from1,198 sales at the mid-point of August and adecline from the 1,295 sales at the mid-point ofJuly. But at the mid-point of September lastyear, there were 843 sales. A similar startcompared to September last year but far off the1,477 sales in September 2021. Interest rateincreases have had their way with the market

and buyers are reacting as a result. Septemberalways starts slow though as everyonetransitions to work and school from a summer oftravel and fun, so we should expect the secondhalf of the month to produce more sales. Hitting2,000 sales in September isn’t likely though, sowe’ll probably see the sub 2,000 sales activitycreep back for the first time since February ofthis year. But as more buyers see theopportunity of more choice coming back to themarket with the change to take advantage ofpotentially less competition and an ability tonegotiate, sales numbers could increase. As wesaid earlier, if we had more listings, we’d havemore sales. It’s still early, and we’ve still gottime to see the numbers of sales increase withthe spectre of more listings.Sales to listings ratios dropped significantlyso far, to be expected with such a dramaticincrease in new listings and fall in sales.So far in September, the absorption rate ofnew listings is only at 29% compared to51% at the mid-point of August and 38% atthe mid-point of September last year.We’ve seen an average of 55% so far this

year since January, so this is something towatch as the month ends. As expected,detached had the lowest uptake on newlistings as 25% of those that came onselling so far, while townhomes were a littlehigher at 29% and condos at 32%. As hasbeen the case since interest rates climbed,lower price points have seen strongerbuyer demand. Not surprising and this willcontinue through the fall.Some areas to watch in September: VancouverEast has seen a sluggish start to the month,even when compared to last year in September.North Vancouver has seen as many new listingsso far as there were in all of August, while salesare on pace to be far ahead of September lastyear – more listings, more sales. WestVancouver is similarly seeing as many listingsso far as all of August and sitting with a 12%absorption rate. Listings are coming fast on theNorth Shore! Richmond is showing strongerabsorption rates compared to most of GreaterVancouver, especially with townhouses. NewWestminster is showing very slow growth in

listings, especially townhouses where there area third of the number of new listings so farcompared to August at mid-month. Ladner andTsawwassen are both showing the most sales amid-month so far compared to the last 3and 4months respectively. Perhaps the start of a shiftback out to the suburbs? In Ladner so far therehave been more townhouse sales than newlistings and in Tsawwassen, there have beenmore detached sales at mid-month compared toall of August.There will be much to watch as theremainder of September develops. Supplyis the issue and both the City of Vancouverwith their approval of all RS Zones nowallowing multiplexes and the FederalGovernment eliminating GST on new rentalprojects recognizing this. While helpful, it’snot enough.The City of Vancouver cited 500 applications inthe queue for the new multiplex in single-familyzones with an expectation of 150 to 200 a year– out of over 60,000 single-family lots available.A drop in the bucket. The needle may not move

far with this, but it’s a start to recognizing thateliminating restrictions and taxes is what’sneeded. Perhaps that will lead to lessrestrictions on the market. Any kind of controlstifles growth, that’s what needs to beunderstood by all levels of government.

Here’s a summary of the numbers:Greater Vancouver876 units sold so far in September 2023 compared to1,198 units sold at mid-month in August 20231,295 units sold at mid-month in July 2023843 units sold at mid-month in September 20221,477 units sold at mid-month in September 20212,982 new listings so far in September 2023compared to2,331 new listings at mid-month in August 20232,741 new listings at mid-month in July 20232,244 new listings at mid-month in September 20222,897 new listings at mid-month in September 2021Total active listings are at 10,831 compared to 10,099at mid-month in September 2022, and 10,327 atmid-month in August 2023.Sales to listings ratio is at 29% compared to 38% atmid-month in September 2022 and 51% at mid-monthin August 2023.

Vancouver West164 units sold so far in September 2023 compared to227 units sold at mid-month in August 2023229 units sold at mid-month in July 2023150 units sold at mid-month in September 2022254 units sold at mid-month in September 2021604 new listings so far in September 2023 comparedto480 new listings at mid-month in August 2023609 new listings at mid-month in July 2023494 new listings at mid-month in September 2022730 new listings at mid-month in September 2021Total active listings are at 2,411 compared to 2,291 atmid-month in September 2022, and 2,354 atmid-month in August 2023.Sales to listings ratio is at 27% compared to 30% atmid-month in September 2022 and 47% at mid-monthin August 2023.

78 units sold so far in September 2023 compared to120 units sold at mid-month in August 2023151 units sold at mid-month in July 202377 units sold at mid-month in September 2022162 units sold at mid-month in September 2021337 new listings so far in September 2023 comparedto239 new listings at mid-month in August 2023310 new listings at mid-month in July 2023228 new listings at mid-month in September 2022361 new listings at mid-month in September 2021Total active listings are at 1,137 compared to 1,102 atmid-month in September 2022, and 1,081 atmid-month in August 2023.Sales to listings ratio is at 23% compared to 34% atmid-month in September 2022 and 50% at mid-monthin August 2023.

North Vancouver72 units sold so far in September 2023 compared to100 units sold at mid-month in August 202388 units sold at mid-month in July 202347 units sold at mid-month in September 202287 units sold at mid-month in September 2021258 new listings so far in September 2023 comparedto140 new listings at mid-month in August 2023184 new listings at mid-month in July 2023206 new listings at mid-month in September 2022Total active listings are at 580 compared to 597 atmid-month in September 2022, and 510 at mid-monthin August 2023.Sales to listings ratio is at 28% compared to 23% atmid-month in September 2022 and 71% at mid-monthin August 2023.

West Vancouver19 units sold so far in September 2023 compared to30 units sold at mid-month in August 202325 units sold at mid-month in July 202326 units sold at mid-month in September 202233 units sold at mid-month in September 2021154 new listings so far in September 2023 comparedto84 new listings at mid-month in August 2023101 new listings at mid-month in July 2023118 new listings at mid-month in September 2022115 new listings at mid-month in September 2021Total active listings are at 613 compared to 576 atmid-month in September 2022, and 594 at mid-monthin August 2023.Sales to listings ratio is at 12% compared to 22% atmid-month in September 2022 and 36% at mid-monthin August 2023.

Richmond112 units sold so far in September 2023 compared to150 units sold at mid-month in August 2023160 units sold at mid-month in July 2023117 units sold at mid-month in September 2022317 units sold at mid-month in September 2021334 new listings so far in September 2023 comparedto291 new listings at mid-month in August 2023286 new listings at mid-month in July 2023236 new listings at mid-month in September 2022317 new listings at mid-month in September 2021Total active listings are at 1,248 compared to 1,234 atmid-month in September 2022, and 1,211 atmid-month in August 2023.Sales to listings ratio is at 34% compared to 50% atmid-month in September 2022 and 52% at mid-monthin August 2023.

Burnaby East10 units sold so far in September 2023 compared to12 units sold at mid-month in August 202314 units sold at mid-month in July 202310 units sold at mid-month in September 202222 units sold at mid-month in September 202132 new listings so far in September 2023 compared to25 new listings at mid-month in August 202323 new listings at mid-month in July 202316 new listings at mid-month in September 202227 new listings at mid-month in September 2021Total active listings are at 97 compared to 71 atmid-month in September 2022, and 92 at mid-monthin August 2023.Sales to listings ratio is at 31% compared to 63% atmid-month in September 2022 and 48% at mid-monthin August 2023.

Burnaby North58 units sold so far in September 2023 compared to75 units sold at mid-month in August 202381 units sold at mid-month in July 202360 units sold at mid-month in September 202272 units sold at mid-month in September 2021146 new listings so far in September 2023 comparedto123 new listings at mid-month in August 2023168 new listings at mid-month in July 2023111 new listings at mid-month in September 2022167 new listings at mid-month in September 2021Total active listings are at 508 compared to 435 atmid-month in September 2022, and 465 at mid-monthin August 2023.Sales to listings ratio is at 40% compared to 54% atmid-month in September 2022 and 61% at mid-monthin August 2023.

Burnaby South53 units sold so far in September 2023 compared to66 units sold at mid-month in August 202366 units sold at mid-month in July 202353 units sold at mid-month in September 2022106 units sold at mid-month in September 2021147 new listings so far in September 2023 comparedto126 new listings at mid-month in August 2023141 new listings at mid-month in July 202383 new listings at mid-month in September 2022154 new listings at mid-month in September 2021Total active listings are at 493 compared to 408 atmid-month in September 2022, and 462 at mid-monthin August 2023.Sales to listings ratio is at 36% compared to 64% atmid-month in September 2022 and 52% at mid-monthin August 2023.

New Westminster33 units sold so far in September 2023 compared to55 units sold at mid-month in August 202369 units sold at mid-month in July 202325 units sold at mid-month in September 202256 units sold at mid-month in September 202196 new listings so far in September 2023 compared to96 new listings at mid-month in August 2023112 new listings at mid-month in July 202396 new listings at mid-month in September 2022123 new listings at mid-month in September 2021Total active listings are at 306 compared to 300 atmid-month in September 2022, and 304 at mid-monthin August 2023.Sales to listings ratio is at 34% compared to 26% atmid-month in September 2022 and 57% at mid-monthin August 2023.

Coquitlam84 units sold so far in September 2023 compared to117 units sold at mid-month in August 2023119 units sold at mid-month in July 202366 units sold at mid-month in September 2022117 units sold at mid-month in September 2021234 new listings so far in September 2023 comparedto170 new listings at mid-month in August 2023229 new listings at mid-month in July 2023168 new listings at mid-month in September 2022189 new listings at mid-month in September 2021Total active listings are at 660 compared to 634 atmid-month in September 2022, and 611 at mid-monthin August 2023.Sales to listings ratio is at 36% compared to 39% atmid-month in September 2022 and 69% at mid-monthin August 2023.

Port Moody18 units sold so far in September 2023 compared to32 units sold at mid-month in August 202351 units sold at mid-month in July 202331 units sold at mid-month in September 202236 units sold at mid-month in September 202152 new listings so far in September 2023 compared to49 new listings at mid-month in August 202365 new listings at mid-month in July 202357 new listings at mid-month in September 202257 new listings at mid-month in September 2021Total active listings are at 185 compared to 196 atmid-month in September 2022, and 176 at mid-monthin August 2023.Sales to listings ratio is at 35% compared to 54% atmid-month in September 2022 and 65% at mid-monthin August 2023.

Port Coquitlam25 units sold so far in September 2023 compared to36 units sold at mid-month in August 202343 units sold at mid-month in July 202328 units sold at mid-month in September 202243 units sold at mid-month in September 202183 new listings so far in September 2023 compared to67 new listings at mid-month in August 202371 new listings at mid-month in July 202366 new listings at mid-month in September 202276 new listings at mid-month in September 2021Total active listings are at 198 compared to 176 atmid-month in September 2022, and 178 at mid-monthin August 2023.Sales to listings ratio is at 30% compared to 42% atmid-month in September 2022 and 54% at mid-monthin August 2023.

Ladner13 units sold so far in September 2023 compared to11 units sold at mid-month in August 20238 units sold at mid-month in July 202310 units sold at mid-month in September 202220 units sold at mid-month in September 202130 new listings so far in September 2023 compared to17 new listings at mid-month in August 202323 new listings at mid-month in July 202320 new listings at mid-month in September 202223 new listings at mid-month in September 2021Total active listings are at 101 compared to 95 atmid-month in September 2022, and 102 at mid-monthin August 2023.Sales to listings ratio is at 43% compared to 50% atmid-month in September 2022 and 65% at mid-monthin August 2023.

Tsawwassen23 units sold so far in September 2023 compared to16 units sold at mid-month in August 202319 units sold at mid-month in July 20236 units sold at mid-month in September 202228 units sold at mid-month in September 202139 new listings so far in September 2023 compared to36 new listings at mid-month in August 202334 new listings at mid-month in July 202332 new listings at mid-month in September 202228 new listings at mid-month in September 2021Total active listings are at 165 compared to 183 atmid-month in September 2022, and 163 at mid-monthin August 2023.Sales to listings ratio is at 59% compared to 19% atmid-month in September 2022 and 44% at mid-monthin August 2023.

Download Mid-Sep Salesand Listings Statistics AllRegionalDownload Mid-Sep Salesand Listings StatisticsHouses TownhousesCondos

Kevin SkipworthPartner/Broker and Chief Economist at DexterRealtyWant to know more? we'd be happy to assist.Simply drop us an email at info@dexterrealty.comor give us a call at 604.263.1144. Our team willconnect you to a local Dexter agent or refer youthrough our network outside Metro Vancouver.