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August 2023 Market Update: Vancouver Real Estate Insights

As summer winds down, the Vancouver real estate market experienced its predictable seasonal deceleration. The August 2023 stats reflect a balanced market adapting to the pressures of elevated borrowing costs while still delivering notable activity.


Key Highlights:

  • Sales Activity:
    August 2023 saw a total of 2,296 residential home sales across Metro Vancouver, a 21.4% increase compared to August 2022. Despite the uptick, this number remained 13.8% below the 10-year seasonal average.

  • Inventory Levels:
    The number of homes listed for sale, at 10,082, reflected a 0.2% decrease compared to August 2022 and remained 13.4% below the decade-long average.

  • Pricing Trends:
    The MLS® Home Price Index composite benchmark price for all residential properties stood at $1,208,400. This marks a 2.5% increase year-over-year but a slight 0.2% dip compared to July 2023.


By Property Type:

  • Detached Homes:
    Sales rose 13.2% YoY, with a benchmark price of $2,018,500—up 3.3% from August 2022.

  • Apartments:
    Leading the sales growth, apartment transactions surged 27.4% YoY. The benchmark price of $770,000 reflects a 4.4% annual increase.

  • Townhomes:
    Sales increased 18.9% YoY, with a benchmark price of $1,103,900—up 3.9% annually.


Area-Specific Insights:

  • Burnaby:
    Continued price stability, with steady sales in apartments and detached homes.

  • New Westminster:
    A balanced market with moderate price gains for condos.

  • Tri-Cities (Coquitlam, Port Coquitlam, and Port Moody):
    Townhome prices remained a standout, benefiting from strong buyer interest.

  • Vancouver East and West:
    Sales activity remained steady, particularly in apartment segments.


What This Means for Buyers and Sellers:

  • For Buyers:
    As borrowing costs weigh on the market, prospective buyers can find a range of opportunities amidst price stabilization.

  • For Sellers:
    Sellers should note the increased competition and focus on strategic pricing and presentation to stand out.


With the fall market around the corner, we anticipate a continuation of these balanced trends, creating a healthy environment for buyers and sellers alike. Whether you're exploring opportunities or planning your next move, we’re here to guide you through this dynamic landscape.

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