Infographic: Greater Vancouver Residential Real Estate July 2023
BY Justin Mitchell, Adam Lawrence, Megan Johal & Sam Taktsang
In July, the housing market in Metro Vancouver witnessed an upward trend in home prices across all property types, as strong sales figures collided with limited housing inventory in the region. This demonstrates a positive indication on how the Metro Vancouver real estate market remained resilient with strong sales and buyers’ ability to adapt to higher borrowing costs.
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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GREATER VANCOUVER JULY 2023 FEATURED Residential Market STATISTICS
Residential home sales in Metro Vancouver saw a substantial increase of 28.9% in July 2023 compared to the same month in 2022. This surge in sales occurred despite being about 15% below the ten-year average, indicating robust demand in the market.
The number of homes listed for sale in Metro Vancouver decreased by 4% in July 2023 compared to the previous year. This decline in housing inventory, coupled with increased sales activity, contributed to the continued rise in home prices across all property types.
The Home Price Index composite benchmark price for all residential properties in Metro Vancouver increased by 0.5% compared to July 2022. Detached homes saw a 0.6% increase, apartments experienced a 2.6% increase, and attached homes had a 1.2% increase in benchmark prices. This upward trend in home prices showcased the market’s resilience and strong buyer demand.
HPI Benchmark Price of Detached Homes
The benchmark price for detached homes in Metro Vancouver experienced a notable increase.
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 June 2023 and July 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
On average, detached homes experienced a longer time on the market in July 2023 compared to June 2023, while townhomes and condos saw minor changes in their average days on the market during the same period.
GREATER VANCOUVER RESIDENTIAL REAL ESTATE: JULY 2023 statistics in infographics
Sales To Active Listings Ratio
The sales-to-active listings ratio for all property types in Metro Vancouver declined in July 2023 compared to June 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 overall trend in benchmark prices for residential properties in Greater Vancouver has been on the rise between July 2022 and July 2023. While there were some minor fluctuations in certain property types from June to July 2023, the general direction of the market has seen an upward trend in property values.
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.
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.