July 2023 Vancouver Real Estate Market Update
Aug 09, 2023
Aug 09, 2023
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.
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.
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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.