September 2022 – Lower Mainland Monthly Update (REBGV & FVREB)

Metro Vancouver & Fraser Valley sales are at their lowest in over 10 years.

The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.

In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:

  • 7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
  • 5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
  • Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE

Visit this link to learn more about house prices and inventory.

Sales

Sales in August fell to their lowest level in over 10 years, as buyers took a breather to adjust to the new interest rate environment.

Cumulative Year-to-date Sales

Despite the low summer sales, 2022 YTD sales (34,406) are still close to the 10-year average (36,193)

Inventory

August inventory (15,533 active listings) actually fell from the previous month, and remain 20% below the 10-year average (19,958 average).

Sales to Active Listings

Despite the low sales, low inventory kept the Sales to Active Listing Ratio above 18%, indicating stabilizing prices.

Months of Inventory

Similarly, Months of Inventory fell to 5.4 MOI, indicating a balanced market.

Want to learn more about these stats or discuss your move to Macdonald Realty?

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