September 2026 Victoria Real Estate Market Update Click Here For Full-Screen Market Snapshot September 2026 by Andy McGheeSales Rebound, Inventory Stays Healthy, and Buyers Remain
September 2023 BC Market Update
Dated: October 16 2023
Views: 179
September 2023 BC Market Update
The British Columbia real estate market in September 2023 has seen some interesting shifts. Despite recording 5,531 residential unit sales, which is a 10.4 percent increase from the same month last year, there are signs of a slowdown. The average MLS® residential price in BC rose by 4.8 percent compared to September 2022, reaching $966,530. The total sales dollar volume also increased significantly, hitting $5.3 billion, representing a 15.7 percent increase from the previous year.
However, it's important to note that the recent tightening of interest rates by the Bank of Canada has had a clear impact on home sales. Mortgage rates have surged, making borrowing more expensive for potential buyers. As a result, home sales are trending below average levels, as many are struggling with the high cost of borrowing.
Active listings in the province have increased slightly month-over-month, with just over 33,000 total listings, marking an 8.1 percent year-over-year increase. Year-to-date statistics reveal a 15 percent decline in residential sales dollar volume compared to 2022, amounting to $57.9 billion. Residential unit sales are down 11.5 percent, totaling 59,570 units, while the average MLS® residential price has decreased by 4 percent, settling at $972,049.
In this changing landscape, it's crucial for both buyers and sellers to stay informed about market trends and mortgage rates. As a Realtor®, your expertise in navigating these fluctuations is invaluable for your clients, helping them make well-informed decisions. If you have any questions or need further insights into the market, feel free to reach out.
My Best,
Andy
Andy McGhee Personal Real Estate Corporation
I'm a REALTOR®️ and a Licensed Plumber & Gasfitter with over two decades of experience in the residential sector. I bring specialized knowledge and expertise together to give you an unfair advantag....
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