In August, the housing market in Metro Vancouver witnessed a slight downward trend in home prices for townhomes and apartments, as well as a reduction in the number of sales across all property types. This slow-down in sales is typical of the cyclical nature of real estate, where sales tend to ebb in the later summer months. The reduction in sales and benchmark pricing may also indicate hesitation in anticipation of the Bank of Canada interest rate announcement.
These residential market statistics from the Real Estate Board of Greater Vancouver provide insight into the current state of the residential home market, including home values, which directly impact the development land market. Contact us today if you would like to learn what your property is worth on the development land market.
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KEY TAKEAWAYS FROM August 2023 GREATER VANCOUVER RESIDENTIAL MARKET
- Despite a reduction in the month-over-month sales, each property type saw an increase in the number of sales in August 2023 when compared to the same month in 2022.
- The number of active listings across all property types saw a decline in both the month-over-month and year-over-year comparisons, showing a decrease in the available inventory. The decrease in active inventory and the number of sales may indicate a gradual trend towards a balanced market.
- The Home Price Index composite benchmark price for all properties increased an average of 3.5% compared to August of 2022, though townhomes and apartments both saw a slight decrease when compared to July of 2023. Detached homes appear to remain steady, with an increase of 0.3%.
HPI Benchmark Price of Detached Homes
Although the benchmark price for detached homes in Metro Vancouver are still experiencing a gradual incline, the rate appears to be slowing following the peak increase rate of 2.9% earlier this year.
Sale Price As a Percent of Original List Price
The average sale price as a percentage of original list price decreased slightly from their original list prices between July 2023 and August 2023. However, it’s important to note that these percentages can fluctuate based on various factors such as market conditions, supply and demand dynamics, and individual property characteristics.
Days on Market
In August, all properties spent longer on the market, with townhouses seeing the greatest increase of 22.2% while condos saw the smallest deviation during the same period.
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GREATER VANCOUVER RESIDENTIAL REAL ESTATE: august 2023 statistics in infographics
Sales To Active Listings Ratio
The sales-to-active listings ratio for all property types in Metro Vancouver declined in August 2023 compared to July 2023. This indicates a relative decrease in the demand for properties compared to the available inventory.
HPI Benchmark Prices
The Home Price Index (HPI) measures the price of a benchmark, or typical, property in a given market and is not influenced by the change in composition of properties sold, which can fluctuate quite significantly from month to month. As a result, this metric is a more pure and stable representation of market price change than average or median prices.
The benchmark price for detached homes continues its marginal month-over-month increase, providing a degree of relief amidst the ongoing trend. Benchmark prices across all property types are steadily increasing year over year across Greater Vancouver.
Sales • New Listings • Active Listings
The sales-to-active listings ratio helps gauge the market’s balance: high ratios indicate a seller’s market, while low ratios suggest a buyer’s market. The interplay between new listings and active listings affects overall inventory and provides insights for buyers and sellers to make informed decisions.
View the Real Estate Board of Greater Vancouver’s entire stats package for August 2023 here.
Please note: areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
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Sources: Breakside Real Estate Group, Real Estate Board of Greater Vancouver
This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.