September 2023 Market Update


BC real estate market "more resilient than expected" so far in 2023

"The BC housing market has been more resilient than expected in 2023," according to Brendon Ogmundson, the chief economist with the BC Real Estate Association (BCREA), in a market update today.

Based on the trends seen from data compiled from the province’s regional real estate boards, BCREA is estimating a 2.8% year-over-year decline in home sales for 2023, and a 2% drop in the average home price to $976,600.



Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC. For more up-to-date market information please visit macrealty.com/blog.



Bowen Island

Burnaby East

Burnaby North

Burnaby South



Greater Victoria




Maple Ridge



New Westminster

North Delta

North Okanagan

North Surrey

North Vancouver

Parksville / Qualicum

Pitt Meadows

Port Coquitlam

Port Moody


Saanich Peninsula

South Okanagan

South Surrey/
White Rock


Sunshine Coast

Surrey - Central


Vancouver - East

Vancouver - West

Vancouver Island

Victoria Core


West Vancouver


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B.C. Real Estate News


Vancouver home prices rise as sales up nearly 30 per cent from last July (CTV News)

Average asking rent for a 1-bedroom apartment in Vancouver tops $3,000 (CTV News)

Average home price in Canada climbs and the latest number is depressing (Daily Hive)

Coquitlam eyes cheaper below-market rents, lock-off units near SkyTrain (TriCity News)

Federal government invests $208M in south Vancouver rental housing (TriCity News)

Vancouver development community sees uncertainty in multiplex zoning plan (The Globe And Mail)


Challenges and resilience: BCREA unveils 2023 Q3 housing forecast for B.C. (Real Estate Magazine)

B.C. housing market to weather storm of potential rate hikes: industry association (BIV)

B.C. turns from land sales to creating a land bank to help create more affordable housing (The Globe and Mail)

Tax wealthy homeowners to fund affordable housing, says new B.C. proposal (BIV)


Greater Victoria real estate sales picked up mid-August (Times Colonist)

'Poison pill' restrictions crushing hopes for more multi-unit housing in Victoria (Vancouver Sun)


Kelowna council approves permits for 16-unit 'family-friendly' townhouse project (Kelowna Now)


Bank of Canada holds interest rate steady at 5% (CBC)

Real estate report: Second highest home price increase ever recorded in a single month (CTV News)

Buyer-friendly terrain emerges as Canada’s housing market cools (Real Estate Magazine)

Strong uptake for Canada's new First Home Savings Account (Daily Hive)

Inflation jumped higher last month, to 3.3% (CBC News)

Average house price hit $668,754 in July, up by more than 6% in past year (CBC News)

The federal government’s potential leap towards housing affordability (Policynote)

Average rent in Canada hit a new record high in July (Daily Hive)


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