July 2023 Vancouver Real Estate Market Update

July 2023 Vancouver Real Estate Market Update

Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region. REGBV reports residential home sales in the region totalled 2,455 in July 2023, which is a 28.9 % increase from in July 2022. This was 15.6 % below the 10-year seasonal average (2,909).

“While sales remain about 15% below the ten-year average, they are also up about 30 % year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”

“What’s interesting to see in the current market environment is that, while the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we’ve seen in Canada in over ten years,” Lis said. Surprisingly, even with higher borrowing costs compared to last year, sales activity has outperformed previous levels. This reflects the market’s robust demand and buyers’ capability to handle increased borrowing expenses, showcasing their adaptability and financial eligibility.

We often find the statistics can be broad, and you might wonder “How does this relate to my home?” We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understand what’s really going on in your neighbourhood.

Downtown Vancouver: 

• Market Type: Balanced Market at 17% Sales Ratio average (1.7 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: $500,0000- $600,000 with average 43% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $5 mil / $3-4 mil, Coal Harbour and minimum and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Downtown and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Balanced Market at 12% Sales Ratio average (1.2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 100% of list price
• Most Active Price Band: $2.5 to $2.75 mil with average 100% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $4 mil to $4.5 mil, Cambie, South Granville and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Dunbar, Kitsilano and up to 2 bedroom properties

Attached Housing

• Market Type:Sellers Market at 27% Sales Ratio average (2.7 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% above list price
• Most Active Price Band: $800,000 to $900,000 with average 53% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.75 mil to $3 mil, Quilchena and minimum 4 bedroom properties
• Opportunity for Sellers: Selling homes in Kerrisdale, Kitsilano and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type:Balanced Market at 20% Sales Ratio average (2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% above list price
• Most Active Price Band: $1.25 to $1.5 mil with average 47% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.25 mil to $2.5 mil, Collingwood, Renfrew Heights and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Hastings Sunrise, Kilarney and up to 2 bedroom properties

Attached Housing

• Market Type:Sellers Market at 35% Sales Ratio average (3.5 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% above list price
• Most Active Price Band: $400,000 to $500,000 with average 100% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $900,000 to $1 mil/$1.5 mil to $1.75 mil, Renfrew and 2 to 3 bedroom properties
• Opportunity for Sellers: Selling homes in Hastings, Victoria and minimum 4 bedroom properties

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on August 1, 2023  from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.