THE RENNIE ADVANCE
highlights • There were 16,338 active MLS listings last month—the highest of any month since October 2020. Compared to August, inventory increased substantially in September (by 11%), which was much more than the typical 1.2% increase. Total listings at the end of last month, however, were still 9% below the past-decade September average (of 17,865), though they were 9% higher than one year ago. • On a month-over-month basis, inventory for all home types was higher: detached inventory was up by 9%, townhome inventory by 11%, and condo inventory by 14%. On a year-over-year basis, detached and condo inventory were higher by 13% and 9%, respectively, while townhome inventory was 7% lower. • The overall market moved into balanced territory in September, with 5.6 months of inventory (MOI). The townhome and condo markets still favoured sellers, with MOIs of 3.6 and 4.5, respectively, while the detached market favoured buyers, with an MOI of 8.3. All home types saw an expansion of MOI in September versus August.
inventory
SEPTEMBER 2023
14,000
+ 13% vs Sep 2022
12,000
10,000
8,000
8,629 10 yr Sep Avg
7,737
6,000
4,000
DETACHED inventory
0 2,000
- 10% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
- 7% vs Sep 2022
2,552 10 yr Sep Avg
2,081
TOWNHOME inventory
0 500
+ 4% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
12,000
+ 8.7% vs Sep 2022
10,000
8,000
6,000
6,235 10 yr Sep Avg
5,980
4,000
CONDO inventory
2,000
0
- 4% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
Copyright © October 3, 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 3, 2023. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
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