Wondering what changed in Metro Vancouver's real estate market last month?
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MLS Home Price Index benchmark price for all listings in Metro Vancouver is down 2.4% compared to May 2022 and up 1.3% compared to May 2023
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Home sales over 21% higher than June 2022, but 8.6% below the 10-year seasonal average.
Main Highlight: 2023 has been proven the market is on a single minded progression...low supply continues as increase for the sixth month in a row.
Metro Vancouver June Market Highlights: 
Although the market is showing signs of slowing down, as it traditionally does during the summer, prices continue to rise month-over-month throughout Metro Vancouver. Both supply and sales statistics have not fully recovered to what they were at the markets peek...however, they are beginning to bridge the gap as prices are now within 2% of the same time in 2022.
But with more potential interest rate hikes on the horizon we will have to wait and see how the market reacts...
More specifically the REBGV has this to say:
“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.” Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to see prices increase month over month across all segments,” Andrew Lis said.
Sales of detached homes in June 2023 reached 848, a 28.3 per cent increase from the 661 detached sales recorded in June 2022. The benchmark price for a detached home is $1,991,300. This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to May 2023.
Sales of apartment homes reached 1,573 in June 2023, an 18.6 per cent increase compared to the 1,326 sales in June 2022. The benchmark price of an apartment home is $767,000. This represents a 0.5 per cent increase from June 2022 and a 0.8 per cent increase compared to May 2023.
Attached home sales in June 2023 totalled 547, a 17.6 per cent increase compared to the 465 sales in June 2022. The benchmark price of an attached home is $1,098,900. This represents a one per cent decrease from June 2022 and a 1.5 per cent increase compared to May 2023
CLICK HERE FOR THE FULL REBGV June 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
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