Market Summary, Metro Vancouver Real Estate for August 2023

 

SUMMARY

“It’s been an interesting spring and summer market, to say the least. 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 per cent, regardless of home type.”
— Andrew Lis, REBGV Director, Economics & Data Analytics

  • Sales are up year over year, but below historical averages.

    • Vancouver unit sales are up 21.4% year over year, but 13.8% below the 10 year average. 

    • Fraser Valley unit sales are up 25.2% from August 2022, but down 6.9% from July 2023.

  • Inventory is up year over year, but below historical averages.

    • In Vancouver, new listings are up 18.1% from August 2022, however total inventory remains 5.4% under the 10 year average for Vancouver.

    • In the Fraser Valley, new inventory is up 22.8% from August 2022, but 7% below the 10 year average.

  • Prices are virtually unchanged.

    • Vancouver - August finished with an HPI $1,208,400 across all property types, up 2.5% from August 2022, but basically unchanged from July 2023.

    • Fraser Valley - the Benchmark Price was is $1,037,700, virtually unchanged from July 2023, and August 2022.

    • The HPI is a pricing system (unlike averages or median prices) that uses a series of various factors unique to specific properties to determine their value.  Similar to average and median prices, it isn't reliable in terms of calculating marketing or sales prices for listings, however, it's considered by experts to be the most sophisticated way to value properties.

  • Seller’s market for attached properties, balanced territory for detached properties.

    • The Sales-to-active listings ratios (SAR) for Vancouver is 24%, with detached houses at 14%.

    • Fraser Valley SAR is 22% overall, but 14% for detached.

    • Ratio of greater then 20% for a sustained period indicates that it's currently a seller's market overall, except for detached properties which are balanced. Less then 12% for a sustained period is considered a buyer’s market.

Sources

Nick HorningComment