The housing market in Metro Vancouver is showing signs of heating up as summer arrives, with prices experiencing a steady increase for the sixth consecutive month. In May 2023, residential home sales in the region reached 3,411, marking a 15.7% surge compared to May 2022. However, the number of newly listed properties decreased by 11.5% compared to the previous year.
Currently, there is a total of 9,293 homes listed for sale in Metro Vancouver, which represents a 10.5% decrease from May 2022. The sales-to-active listings ratio for May 2023 stands at 38.4%, indicating a high demand for housing in the market. Detached homes saw a notable increase in sales, with 1,043 transactions recorded, a 30.7% rise compared to May 2022.
The benchmark price for detached homes in Metro Vancouver is $1,953,600, showing a 6.7% decrease from last year. Apartment home sales also experienced growth, reaching 1,730 in May 2023, a 7.9% increase from May 2022. The benchmark price for apartments is $760,800, displaying a 2% decrease from last year.
Sales of attached homes totaled 608, a 16.7% increase compared to May 2022, with a benchmark price of $1,083,000, representing a 4.7% decrease from last year. Overall, the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,188,000, which reflects a 5.6% decrease from May 2022, but a 1.3% increase compared to April 2023.
Despite slower new listing activity and a decrease in prices compared to last year, the market remains robust, driven by high buyer demand relative to the number of available properties. This scarcity of listings has contributed to the upward pressure on prices.
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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.
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.