June 2023 Vancouver Real Estate Market Update

June 2023 Vancouver Real Estate Market Update

Metro Vancouver’s housing market is experiencing a summer surge, with home prices continuing to rise due to high buyer demand and limited inventory. In June 2023, the Real Estate Board of Greater Vancouver (REBGV) recorded a total of 2,988 residential home sales, marking a 21.1% increase compared to June 2022. However, this number was 8.6% below the 10-year seasonal average of 3,269 sales.

Andrew Lis, REBGV’s director of economics and data analytics, noted that the apartment segment showed the strongest performance in June. The benchmark price for apartment homes is nearing the peak reached in 2022, and apartment sales have surpassed the region’s ten-year seasonal average. This sets the apartment segment apart from the attached and detached segments, where sales remained below the ten-year seasonal averages. The market’s performance across all segments continues to exceed expectations, highlighting the ongoing strength and resilience of Metro Vancouver’s real estate market.

There were 5,348 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in June 2023. This represents a 1.3% increase compared to the 5,278 homes listed in June 2022. This was 3.1% below the 10-year seasonal average (5,518). The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,990, a 7.9% decrease compared to June 2022 (10,842) This was 17.4%below the 10-year seasonal average (12,091). Despite the higher borrowing costs, the main factor driving the continuous increase in prices across all segments in Metro Vancouver is the scarcity of available resale inventory compared to the pool of buyers. This imbalance between supply and demand remains the fundamental reason behind the ongoing price growth month after month.

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: Sellers market at 22% sales ratio average (2.2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: $500,0000- $600,000 with average 54% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.5 – $2.75 mil / $3-4 mil, Coal Harbour minimum and 4 bedroom properties
• Opportunity for Sellers: Selling homes in West End and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Balanced market at 14% sales ratio average (1.4 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: $2.25 to $2.5 mil with average  > 100% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $4 mil to $4.5 mil, Arbutus, Oakridge and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Kitsilano, University and up to 2 bedroom properties

Attached Housing

• Market Type: Sellers Market at 38% Sales Ratio average (3.8 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% above list price
• Most Active Price Band: $800,000 to $900,000 with average 70% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.5 mil to $2.75 mil,  South Granville, and minimum 4 bedroom properties
• Opportunity for Sellers: Selling homes in Kitsilano, Point Grey and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Sellers Market at 22% Sales Ratio average (2.2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 6% above list price
• Most Active Price Band: $1.25 to $1.75 mil with average 51% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $3 mil to $3.5 mil, Collingwood and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser, Grandview Woodland, Main, Renfrew and 3 to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 44% Sales Ratio average (4.4 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 100% of list price
• Most Active Price Band: $500,000 to $600,000 with average 75% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $900,000 to $1 mil, Downtown, South Vancouver and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser, Hastings, Main, 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 July 3, 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.