Market Summary, Metro Vancouver Real Estate for July 2023

 

Key Points

“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant. Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”
— Andrew Lis, REBGV Director, Economics & Data Analytics

  • Sales are mixed.

    • Vancouver unit sales are up 28.9% year over year, but 15.6% below the 10 year average. 

    • Fraser Valley unit sales are up 37.8% from July 2022, but down 29.3% from June 2023.

  • Inventory is still a little low overall, but increasing.

    • In Vancouver, new listings are up 17% from July 2022, however total inventory remains 5.4% under the 10 year average for Vancouver.

    • In the Fraser Valley, new inventory is down 16.6% from June 2023, but up 19.7% higher then July 2022.

  • Small price changes.

    • Vancouver - July finished with an HPI $1,210,700 across all property types, up 0.5% from July 2022, but basically unchanged from June 2023.

    • Fraser Valley - the Benchmark Price was is $1,046,700, again unchanged from June 2023, but down 3.8% from July 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, but balanced territory for detached properties.

    • The Sales-to-active listings ratios (SAR) for Vancouver is 24.9%, with detached houses at 16.5%.

    • Fraser Valley SAR is 31.4% overall, but 15% for detached.

    • Ratio of greater then 20% for a sustained period indicates that it's currently a seller's market overall.

Sources

Nick HorningComment