In July 2023, home prices in Metro Vancouver continued to rise due to strong sales and low housing inventory.

The Real Estate Board of Greater Vancouver reported that residential home sales increased by 28.9% compared to the previous year. However, they were still 15.6% below the ten-year average.

"While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” says REBGV’s Director of Economics and Data Analytics. “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 per…

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