Metro Vancouver Real Estate Report - August 2023

Experience Stability Amid Seasonal Changes

As summer fades in Metro Vancouver, the real estate market showcases resilience in the face of rising borrowing costs. The August 2023 market data offers insights into the region's housing trends:

Detached Homes:

Active Listings:

Sales: 591

Benchmark Price: $2,018,500

Avg. Days On Market: 33

Townhouses:

Active Listings: 1,394

Sales: 422

Benchmark Price: $1,103,900

Avg. Days On Market: 22

Apartments:

Active Listings: 3,986

Sales: 1,270

Benchmark Price: $770,000

Avg. Days On Market: 24

Intriguingly, residential property sales surged by 21.4% in August 2023, compared to the previous year, reaching a total of 2,296. While this growth is impressive, it's worth noting that it stands 13.8% below the 10-year seasonal average, illustrating a predictable seasonal cooling effect.

Andrew Lis, Director of Economics and Data Analytics at the Real Estate Board of Greater Vancouver (REBGV), highlights the market's resilience despite higher borrowing costs. The market has defied expectations, posting robust sales numbers and year-to-date price gains exceeding 8% across various property types.

New listings increased by 18.1% in August 2023 compared to the previous year, but this number remains 5.3% below the 10-year seasonal average. The total number of homes listed for sale slightly decreased by 0.2%, indicating a balanced market.

The sales-to-active listings ratio in August 2023 stands at 23.9%. This ratio varies by property type, with detached homes at 14.2%, townhomes at 30.3%, and apartments at 31.9%. Historically, when this ratio dips below 12%, it exerts downward pressure on home prices. Conversely, when it surpasses 20% over several months, it often drives prices upward.

Andrew Lis likens the market to a "tortoise and hare story" this year, with sales starting the year slowly while prices increased due to low inventory levels. As fall approaches, sales have caught up with price gains, aligning more with historical seasonal patterns.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver currently sits at $1,208,400. This marks a 2.5% increase over August 2022 and a marginal 0.2% decrease compared to July 2023.

Key property highlights include:

Detached Homes:

- Sales increased by 13.2%, with a benchmark price of $2,018,500.

- A 3.3% increase from August 2022 and a 0.3% increase compared to July 2023.

Apartments:

- Sales surged by 27.4%, with a benchmark price of $770,000.

- A 4.4% increase from August 2022 and a 0.2% decrease compared to July 2023.

Attached Homes:

- Sales rose by 18.9%, with a benchmark price of $1,103,900.

- A 3.9% increase from August 2022 and a marginal 0.1% decrease compared to July 2023.

Despite challenges, the Metro Vancouver real estate market remains dynamic and adaptive. The balance between supply and demand continues to shape the region's property landscape. For the full report, please download the PDF.

Source : The Real Estate Board of Greater Vancouver (REBGV)