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Quadra Island: The month of September saw 6 new listings, 3 sold (pending), and one expired. 

Cortes Island: September was also busy on Cortes Island with 3 new listings, 2 expired, and 1 cancelled. 

Nanaimo:
Quiet September Market Favours Buyers.

It appears that the market is shifting towards a buyers market, away from favouring the sellers like we have seen for years.  
In Campbell River, the benchmark price of a single-family home was $668,600 last month, up one per cent from the previous year.

“September looked like a relatively typical fall market but was somewhat slower than expected, so higher interest rates could be catching up with us,” says Kelly O’Dwyer, 2023 Chair. “Potential buyers seem to be holding out for more favourable rates and conditions.” O’Dwyer feels that the sellers’ market VIREB experienced for the past few years has transitioned to a balanced market and appears to be moving to one that favours buyers. Sellers should consider adjusting their expectations if they hope to sell their home in a reasonable amount of time.

It’s obvious that he interest rate hikes we’ve seen have a delayed response on the consumer market, but eventually it’s going to catch up. Available units for sale numbers are dropping, which is usual this time of the year. 

VANCOUVER
The Vancouver Real Estate Board reports that the reluctance of some homeowners to list their homes for sale have caused low inventory and thus forcing prices higher through the spring and summer months. It appears that September has seen increased activity compared to last year’s September. September of this year had 13.2% more units sold than last year. 
“In contrast to the spring and summer, the September data suggests there may be a renewed interest on the part of sellers to participate in the market, with new listing activity rising back in line with long-term historical averages. This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year,” Lis said. “When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.” 

Sales of detached homes in September 2023 reached 572, a 7.5 per cent increase from the 532 detached sales recorded in September 2022. The benchmark price for a detached home is $2,017,100. This represents a 5.8 per cent increase from September 2022 and a 0.1 per cent decrease compared to August 2023. 

TORONTO
The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September. However, despite the market being better-supplied with listings, the average selling price was up year-over-year.

“The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower. This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers,” said TRREB President Paul Baron.

CALGARY
Calgary home sales at record highs in September, yet supply remains a challenge.
“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “While new listings are improving, it has not been enough to take us out of sellers’ market conditions.” In September, the unadjusted residential benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year.

When issuing a new notice of rent increase, a landlord must:

• Use the approved notice of rent increase form

• Use up to the maximum amount for 2024: 3.5%

• Give the tenant no less than three full months before the notice takes effect. For example:

• If rent is due on the fifteenth of each month, notice must be given before October 14, 2023 and the first increased rent payment will be due January 15, 2024

Busier than usual summer

“We’re busier this summer than is typical despite rising interest rates,” says Kelly O’Dwyer, 2023 Chair. “After a rate increase is posted, clients tend to pull back and sit for a bit, but then the desire to buy takes precedence. Consumers tend to be resilient and are determined to find a way to make things work.” O’Dwyer notes that while multiple offers are still happening, they tend to be on well-priced properties. “Some sellers of higher-end properties are sitting on a preconceived price they’re expecting to get based on last year’s numbers,” adds O’Dwyer. “They’re not recognizing that market conditions have changed, at least for now.”