September blog

September has not ended just yet, but we are noticing a shift as September unfolds. 

Sales are trailing behind new listings, sparking optimism for buyers, like a Canuks game, we're in the first period of the month, so there's plenty of action to come.

At Mid-September, we've seen 2,982 new listings in Greater Vancouver, surpassing August and even last year's numbers.  This surge could lead to the highet growth in active listings since 2021.  Sales at mid-September stand at 896, slightly down from August but on par with last year.  It's a slowerstart, but the second half of the month might pick up the pace.

The absorbtion rate of new listings is currently at 29%, a drop from previous months.  Different property types shoe varying uptake rates with lower-priced homes having stronger demand.  Vancouver East is starting starting slowly, North Vancouver is seeing a listing surge, and West Vancouver has a 12% absorbtion rate.  Richmond and New Westminster are showing interesting trends, and Ladner and Tsawwassen may be experiencing a surburban shift.

The City of Vancouver and the Federal Government have "begun" to address supply issues.  Or are they just giving us Halo words to grasp on to for the coming months.  More forward thinking needs to happen.  It sometimes feels like we are chaising the tail end of issues rather than being pro-active.  Eliminating restrictions and taxes could be critical to unlocking growth.  

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