Vancouver Real Estate Market Report for August 2023

As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 % increase from August 2022.

“It’s been an interesting spring and summer market, to say the least” Andrew Lis, REBGV’s director of economics and data analytics said. “Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight %, regardless of home type.”

“It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” Lis said. “As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.” It will be interesting to see  how the fall market unfolds as we expect more inventory to hit the market.

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 19% Sales Ratio average (1.9 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: Homes between $400,000 to $700,000 with average 39% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $5mil, Coal Harbour and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Westend and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Balanced Market at 13% Sales Ratio average (1.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 8% below list price
• Most Active Price Band: Homes between $2.5mil to $2.75mil with average 50% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $6.5mil to $7mil in Shaughnessy, Southlands and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in University and up to 2 bedroom properties

Attached Housing

• Market Type: Sellers Market at 28% Sales Ratio average (2.8 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: Homes between $500,000 to $600,000 with average 92% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.25mil to $2.75mil, South Granville and 2 bedroom properties
• Opportunity for Sellers: Selling homes in Fairview, Kitsilano, Quilchena and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced market at 19% Sales Ratio average (1.9 in 10 homes sellig rate)
• Housing Prices: Homes selling on average 100% of list price
• Most Active Price Band: Homes between $1.5mil to $1.75mil with average 48% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.5mil to $2.75mil, Collingwood and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser, Killarney and 5 to 6 bedroom properties

Attached Housing

• Market Type: Sellers Market at 37% Sales Ratio average (3.7 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% above list price
• Most Active Price Band: Homes between $500,000 to $600,000 with average 86% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $1.5mil to $2mil Downtown, Main, South Vancouver and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Grandview Woodland, Hastings, Strathcona and up to 1 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 Sept 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.