Infographic: Greater Vancouver Residential Real Estate June 2023

In June 2023, the housing market in Metro Vancouver continued to exhibit a trend of increasing benchmark prices across all home types, fueled by strong buyer demand and limited inventory. Despite elevated borrowing costs, the region faced a shortage of resale inventory compared to the pool of buyers, leading to continued month-over-month price increases in all segments.

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.

GREATER VANCOUVER JUNE 2023 FEATURED Residential Market STATISTICS

• In July 2023, the housing market in Metro Vancouver demonstrated strong performance, as benchmark prices climbed for all types of homes. This surge was driven by high buyer demand and a limited supply of available properties.
• The apartment segment stood out with exceptional resilience, as both apartment home prices and sales surpassed the region’s ten-year seasonal averages. This set it apart from the attached and detached segments, which continued to lag behind.
• Despite higher borrowing costs, the market grappled with a scarcity of resale inventory relative to the number of buyers. This ongoing imbalance led to continuous month-over-month price increases in all segments, making it challenging for first-time homebuyers to afford entry-level homes.

HPI Benchmark Price of Detached Homes

The benchmark price for detached homes in Metro Vancouver is $1,991,300. This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to May 2023.

Sale Price As a Percent of Original List Price

The average sale price as a percentage of original list price increased across all property types with the highest shown in condos with an increase of 0.5% bringing the total to 100.2%, detached homes also saw an increase of 0.5% whilst townhomes increased by 0.2%.

Days on Market

The average days on market for all product types continue to decrease with the exception of townhouses that went up by one day but still have the least amount of days on the market with 19 for the month of June.

Featured Homes

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GREATER VANCOUVER RESIDENTIAL REAL ESTATE: JUNE 2023 statistics in infographics

Sales To Active Listings Ratio

The sales-to-active ratio for all property types decreased in June, with the greatest decrease shown for detached homes.

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 demonstrated a marginal month-over-month increase, providing a degree of relief amidst the ongoing trend. Nevertheless, it is important to acknowledge that this increase remains below the benchmark price recorded during the equivalent period in the previous year.

Sales • New Listings • Active Listings

The sales-to-active ratio for all property types decreased in June, with the greatest decrease shown for detached homes.

Further Reading

View the Real Estate Board of Vancouver’s entire stats package for June 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.

Sources

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.