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 up 2.5% compared to August 2022 and down 0.2% compared to July 2023
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Home sales in August were 13.8% below the 10-year average, however, they increased 21.4% when compared to August 2022.
Main Highlight:
Minimal month-over-month gains.
Typical seasonal market trends (a slow summer) are being accentuated by high interest rates & the fall out from an overly active spring punctuated by rapid pricing increases.
Mellow. The Greater Vancouver market is ending the summer and starting Q4 on a relatively stable note. Although it has, generally, withdrawn very marginally compared to July 2023, it has shown great growth when compared to August 2022. Less sales, steady supply, & stable prices
More specifically the REBGV has this to say:
It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” Andrew Lis, REBGV’s director of economics and data analytics said. “As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.”
Sales of detached homes in August 2023 reached 591, a 13.2 per cent increase from the 522 detached sales recorded in August 2022. The benchmark price for a detached home is $2,018,500. This represents a 3.3 per cent increase from August 2022 and a 0.3 per cent increase compared to July 2023.
Attached home sales in August 2023 totalled 422, an 18.9 per cent increase compared to the 355 sales in August 2022. The benchmark price of an attached home is $1,103,900. This represents a 3.9 per cent increase from August 2022 and a 0.1 per cent decrease compared to July 2023.
There were 3,943 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2023. This represents an 18.1 per cent increase compared to the 3,340 homes listed in August 2022. This was 5.3 per cent below the 10-year seasonal average (4,164).
CLICK HERE FOR THE FULL REBGV August 2023 STATISTICS PACKAGE
Looking to make a change in 2023? Reach out today and let us help you navigate through the ever changing market
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Ryan: 604.561.2127
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