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 cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”
The number of homes listed for sale in July 2023 increased by 17% compared to the previous year, but it was 5.2% below the ten-year average. The total number of homes listed for sale decreased by 4% compared to July 2022.
The sales-to-active listings ratio for July 2023 was 24.9%.
- Detached homes - 16.5%
- Townhomes - 32%
- Apartments - 30.6%.
Even though mortgage rates were at their highest in over ten years, sales activity in July 2023 surpassed the previous year's levels, indicating strong demand and buyers' ability to adapt to higher borrowing costs.
- Sales of detached homes increased by 28.7% compared to July 2022, with a benchmark price of $2,012,900.
- Sales of apartment homes increased by 20.7% compared to July 2022, with a benchmark price of $771,600.
- Sales of attached homes increased by 53.3% compared to July 2022, with a benchmark price of $1,104,600.
Posted by Pinpoint Listings Marketing Group on
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