As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.<\/p>\n
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 percent increase from the 1,892 sales recorded in August 2022. This was 13.8 percent below the 10-year seasonal average (2,663).<\/p>\n
It\u2019s been an interesting spring and summer market, to say the least. Borrowing costs are fluctuating around the highest levels we\u2019ve seen in over ten years, yet Metro Vancouver\u2019s housing market bucked many pundits\u2019 predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight percent, regardless of home type.<\/p>\n
There were 3,943 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in August 2023. This represents an 18.1 percent increase compared to the 3,340 homes listed in August 2022. This was 5.3 percent below the 10-year seasonal average (4,164).<\/p>\n
The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 10,082, a 0.2 percent decrease compared to August 2022 (10,099). This was 13.4 percent below the 10-year seasonal average (11,647).<\/p>\n
Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2023 is 23.9 percent. By property type, the ratio is 14.2 percent for detached homes, 30.3 percent for townhomes, and 31.9 percent for apartments.<\/p>\n
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.<\/p>\n
It\u2019s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels. As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.<\/p>\n
The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,208,400. This represents a 2.5 percent increase over August 2022 and a 0.2 percent decrease compared to July 2023.<\/p>\n
Sales of detached homes in August 2023 reached 591, a 13.2 percent increase from the 522 detached sales recorded in August 2022. The benchmark price for a detached home is $2,018,500. This represents a 3.3 percent increase from August 2022 and a 0.3 percent increase compared to July 2023.<\/p>\n
Sales of apartment homes reached 1,270 in August 2023, a 27.4 percent increase compared to the 997 sales in August 2022. The benchmark price of an apartment home is $770,000. This represents a 4.4 percent increase from August 2022 and a 0.2 percent decrease compared to July 2023.<\/p>\n
Attached home sales in August 2023 totalled 422, an 18.9 percent increase compared to the 355 sales in August 2022. The benchmark price of an attached home is $1,103,900. This represents a 3.9 percent increase from August 2022 and a 0.1 percent decrease compared to July 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"
As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and …<\/p>\n","protected":false},"author":2,"featured_media":1076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t