misty mountains and water west coast Vancouver

Room to breathe as Bank of Canada rate holds steady

Sunshine Coast Real Estate Sales Statistics for September 2023

There is room to breathe for home buyers and sellers this fall as the Bank of Canada’s interest rate holds steady.

In September, the detached market remained depressed compared to last year, and the attached and land-only market saw some jump! The recent Bank of Canada rate hold has allowed some room for folks to breathe, but I believe it will take another hold in late October for a sense of confidence to return. Let’s see how the numbers break out:

Fully Detached Sales

Fully Detached Sales – were down 30% in dollar volume to $24,600,000 and the same in unit sales, with 25 homes sold in September. Available inventory was up another 32% to 370 available homes for sale. This means the sales success ratio (the amount of sales versus the available inventory) was 6.75%, which put the market in buyers’ hands when using this metric.

Year to date, sales were down 30% in dollar volume to $348,750,000, and unit sales were down 28% to 311 homes sold.

The average price per home in September was $984,000, and the median price (the house that sold in the middle) was $880,000.

Condo and Townhome Sales

Condo and Townhome Sales – were up 15% in dollar volume to $5,122,000 and 33% in unit sales to 9 homes sold. Available inventory was up 10% to 63 attached units for sale. This means the sales success ratio is 14%, making this market segment balanced.

Year-to-date sales were down 12% in dollar volume to $65,200,000, and unit sales were down 5% to 108 homes sold this year.

The average price for a condo or townhome in September was $572,000, and the median price was $575,000.

Land Only Sales

Land Only Sales – enjoyed a bump in action in September! Dollar volume was up 122% to $2,380,000, and unit sales were up 150% to 5 land-only transactions. The available inventory for land was up 61% to 134 available units, making September a buyer’s market.

Year-to-date sales were down 58% in dollar volume to $28,750,000, and unit sales were down by 65% to 38.

September’s average land price was $475,000, while the median price was $450,000.