Vancouver’s Fall Real Estate Market Is Slower Than Expected. What’s Going On?

September is usually when people expect Vancouver real estate to start moving again.

Summer ends, people get back into their routines, more listings come out, and buyers who spent July and August waiting start looking again.

But that hasn’t really happened this year.

Vancouver recorded 868 home sales in the first 15 days of September, about 3% fewer than the same period last year. And last year was already an unusually slow market.

So far, the fall bounce a lot of buyers and sellers were waiting for hasn’t shown up.

 

Why Are Vancouver Buyers Still Waiting?

There isn’t one simple answer.

Buyers are still thinking about mortgage costs, what happens with rates next, and whether the home in front of them is actually worth buying today.

They’re not just asking, “Can I afford this?”

They’re asking:

Is this price actually fair?

What else can I buy for the same money?

Will something better come up next month?

How much competition does this seller really have?

When buyers have more choices, they usually feel less pressure to make a quick decision.

The condo market is a good example.

Metro Vancouver has roughly 5,000 completed but unsold condos, representing about $4.5 billion in inventory. Burnaby alone accounts for about 1,330 of those units.

That does not mean every condo is cheap.

It also does not mean every developer is going to cut prices.

It means buyers have more homes to compare before deciding where their money makes the most sense.

 

A Slow Market Does Not Mean Every Home Is Struggling

This is where the headline can get misleading.

Low sales volume does not mean every property is sitting.

One example from the source was a renovated East Vancouver character home that sold for more than $3 million.

The buyers had been searching for about a year and a half. When the kind of home they had been waiting for finally came up, they bought it.

That tells us something important.

Some buyers are not waiting because they refuse to buy anything.

They’re waiting because they haven’t found a home they want badly enough.

When the location, condition, layout and price make sense, buyers can still move.

So I would not describe Vancouver as a market where “nothing is selling.”

Buyers are simply being much more selective.

 

If You’re Buying a Home in Vancouver

A slower market can give you more time to think.

But that does not make every listing a good deal.

I would look at a few things before getting too excited about a home.

How long has it actually been on the market?

What else can you buy for the same amount of money?

How many similar homes are competing with it?

And if you walk away from this one, how easy would it be to find another one like it?

A home surrounded by five similar listings is very different from a home with a location, lot, layout or level of renovation that rarely comes up.

The overall Vancouver real estate market matters.

But the individual property matters just as much.

 

If You’re Selling a Home in Vancouver

September by itself does not create demand.

Buyers do not buy a home because they heard that fall is usually a better market.

They look at what their money can buy right now.

That also means the house next door may not be your only competition.

Your buyer might also be comparing your home with another neighbourhood, a townhouse, a newer condo, or a property that has already reduced its price.

Before listing, I would want to know exactly what buyers in your price range are seeing when they compare your home with everything else available.

Your price has to make sense beside those options.

 

So What Is Actually Happening in Vancouver?

Vancouver real estate has not stopped moving.

Homes are still selling.

But September has not brought the jump in activity many people expected.

Buyers still have choices.

Sellers still have to compete for those buyers.

And homes with the right combination of price, location, condition and scarcity can still sell even when the overall market is quiet.

That is why I would be careful with simple statements like “the market is bad” or “buyers have all the power.”

Vancouver real estate is more specific than that.

The answer can change depending on the neighbourhood, property type, price range, condition and what else is for sale at the same time.

The bigger market gives you context.

The individual property tells you what you should actually do.

 

Danny Kim | Vancouver Realtor

🙋🏻‍♂️ Hey, I’m Danny Kim, a Vancouver Realtor with REAL Broker, helping buyers and sellers across Vancouver, Burnaby, North Vancouver, West Vancouver and the Greater Vancouver real estate market.

I don’t believe in creating urgency just to get someone to make a move.

My job is to help you understand what the market is doing, how a property compares with the other options around it, whether the price makes sense, and what those numbers actually mean for your situation.

If you’re thinking about buying a home in Vancouver, selling a property in Greater Vancouver, or moving to Vancouver, I share regular updates on the Vancouver real estate market, Burnaby real estate, North Vancouver and West Vancouver homes, neighbourhoods, local news and everyday life in Vancouver.

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🙋🏻‍♂️ Hey, I’m Danny, a Vancouver realtor helping buyers and sellers navigate the Greater Vancouver real estate market. Follow me long enough.. then you’ll probably want to move to Vancouver 👀
@dannykimvanrealtor