July 2023 Real Estate Market Update: Metro Vancouver Trends

The real estate market in Metro Vancouver showed remarkable resilience in July 2023, as strong sales pushed home prices higher despite elevated borrowing costs. This month’s activity highlights persistent demand in the region and offers key takeaways for buyers and sellers alike.

Key Insights:

• Sales Surge Despite High Rates:
  Residential home sales reached 2,455, a notable 28.9% increase compared to July 2022. However, sales remained 15.6% below the 10-year seasonal average.

• Inventory Challenges Continue:
  With 4,649 new listings added to the MLS®, inventory levels saw a 17% year-over-year increase but remained 5.2% below the 10-year seasonal average.

• Price Pressures Persist:

  • Composite Benchmark Price: $1,210,700 (+0.5% YoY, +0.6% MoM)

  • Detached Homes: $2,012,900 (+0.6% YoY)

  • Apartments: $771,600 (+2.6% YoY)

  • Attached Homes: $1,104,600 (+1.2% YoY)

Market Dynamics by Property Type:

• Detached Homes:
  Sales surged 28.7% YoY, with steady price growth and an active-to-sales ratio of 16.5%, indicating balanced conditions.

• Townhomes:
  With a sales-to-active ratio of 32%, townhomes experienced robust demand, reflecting a strong sellers’ market.

• Apartments:
  Representing the largest segment, apartment sales increased 20.7% YoY, with a sales-to-active ratio of 30.6%, showcasing persistent buyer interest.

Local Highlights:

• Burnaby:
  Prices and demand remained strong, particularly for townhomes, where the active-to-sales ratio indicated upward pressure.

• New Westminster:
  Continued price stability, coupled with high demand for apartments, characterized the market.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  The region saw mixed activity, with steady demand for apartments and attached properties.

• Vancouver East & West:
  Both areas showed consistent price growth across all property types, underpinned by high buyer activity.

What This Means for Buyers and Sellers:

• For Sellers:
  Robust demand and tight inventory present opportunities to capitalize on favorable market conditions.

• For Buyers:
  While facing higher borrowing costs, buyers are adapting to market dynamics, with many still actively pursuing homeownership.

Ready to Navigate the Market?
Whether you're planning to buy or sell, understanding these trends is crucial for making informed decisions. Contact me today to explore your opportunities in Metro Vancouver’s dynamic real estate market.