Wondering what changed in Metro Vancouver's real estate market last month?
-
MLS Home Price Index benchmark price for all listings in Metro Vancouver is up 0.5% compared to July 2022 and 0.6% compared to June 2023
-
Home sales in July were 15.6% below the 10-year average, however, they increased 28.9% when compared to July 2022.
Main Highlight:
Improvement.
The market is edging back towards the ten year average. And has surpassed 2022 in both pricing and market activity.
Low supply continues whiles sales remain strong when compared to July 2022. Despite the newest interest rate hike the Greater Vancouver market continues to remain active and prices have edged forward over the last month. Although not as active as it was during the spring, it has no means begun to decline.
More specifically the REBGV has this to say:
“While sales remain about 15 percent below the ten-year average, they are also up about 30 percent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economicsand data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full percent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”
There were 4,649 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2023. This represents a 17 percent increase compared to the 3,975 homes listed in July 2022. This was 5.2 percent below the 10-year seasonal average (4,902).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,301, a four percent decrease compared to July 2022 (10,734). This was 14.4 percent below the 10-year seasonal average (12,039). Sales of detached homes in July 2023 reached 681, a 28.7 percent increase from the 529 detached sales in July 2022. The benchmark price forper a detached home is $2,012,900. This represents a 0.6 percent increase from July 2022 and a 1.1 percent increase compared to June 2023.
Sales of apartment homes reached 1,281 in July 2023, a 20.7 percent increase compared to the 1,061 sales in July 2022. The benchmark price of an apartment home is $771,600. This represents a 2.6 percent increase from July 2022 and a 0.6 percent increase compared to June 2023.
Attached home sales in July 2023 totalled 466, a 53.3 percent increase compared to the 304 sales in July 2022. The benchmark price of an attached home is $1,104,600. This represents a 1.2 percent increase from July 2022 and a 0.5 percent increase compared to June 2023
CLICK HERE FOR THE FULL REBGV July 2023 STATISTICS PACKAGE
Looking to make a change in 2023? Reach out today and let us help you navigate through the ever changing market
Rod & Rhea: 604.240.1927
Ryan: 604.561.2127
[email protected]