South Delta Real Estate Update September 2023

South Delta Real Estate Update September 2023

Thanks for checking out my monthly real estate update for South Delta and the Real Estate Board of Greater Vancouver (REBGV).

Here is a link to the complete set of charts and graphs – it may be useful to refer to them as you read through this piece!

Here is a link to the Real Estate Board of Vancouver (REBGV) Monthly Market Report.

The market remains fairly steady and is showing evidence of typical seasonal softening.

Reflections on supply and demand dynamics for August:

  • total sales levels of 2296 units
    • was 21.4% higher than Aug 2022
    • is still 13.8% below the 10 year average
  • while new listings of 3943 units
    • were 18.1% higher than Aug 2022
    • but were only 5.3% below the 10 year average

Prices appear to be ‘seasonally flattening out’, but several months later than last year, as noted in my July 2023 blog and as evidenced by these graphs:

The most recent Bank of Canada decision to hold the overnight rate, at least temporarily, at 5% may buoy expectations but the underlying reality is that bank prime rates are at 7.2%. The longer term impacts on affordability and financial returns remain to be seen – we will be watching closely!

I am here to arm you with the best information and give my professional advice so you can make the best decisions to help yourself move forward!

call/text:  604.603.8538