June 2023 Real Estate Market Update: Continued Resilience Amid Limited Inventory

The Greater Vancouver real estate market continued to showcase resilience through June 2023, with increasing home prices across all residential property types. This uptick reflects strong buyer demand in a market constrained by limited inventory.

The benchmark price for all residential properties in Metro Vancouver rose to $1,203,000, a 1.3% increase compared to May 2023, signaling sustained upward momentum despite elevated borrowing costs.

Key Highlights for June 2023:

Sales Activity:

• Detached Homes:
  Sales rose 28.3% YoY, with 848 units sold. The benchmark price reached $1,991,300, marking a 1.9% MoM increase.

• Apartments:
  A total of 1,573 apartment sales were recorded, representing an 18.6% YoY increase. The benchmark price rose to $767,000, nearing peak 2022 levels.

• Townhomes (Attached Homes):
  Sales increased 17.6% YoY, with the benchmark price climbing to $1,098,900 (+1.5% MoM).

Active Listings:

• New Listings:
  5,348 homes were listed in June, +1.3% YoY, though still 3.1% below the 10-year seasonal average.

• Total Active Inventory:
  The total inventory dropped to 9,990, a 7.9% decline YoY.

Sales-to-Active Listings Ratios:

• Apartments: 39.4%

• Townhomes: 38.5%

• Detached Homes: 20.9%

These ratios indicate significant upward pressure on prices, particularly in the apartment and townhouse segments.

Regional Performance:

• Burnaby:

  • Detached homes rose 2.7% MoM, with a benchmark price of $1,912,200 in Burnaby East.

  • Apartments in Burnaby South experienced steady growth (+0.8% MoM).

• New Westminster:

  • Apartment prices increased 1.0%, reaching a benchmark of $653,400, highlighting strong demand and affordability.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):

  • Strong sales-to-active listings ratios reflect a competitive market.

  • Apartment prices in Port Moody rose 1.6% MoM, reaching a benchmark of $728,000.

A Note for Buyers and Sellers:

• For Buyers:
  The consistent rise in prices underscores the importance of timely decision-making and proactive strategies in navigating a competitive market.

• For Sellers:
  Sustained demand and limited inventory present an excellent opportunity to list properties.

Looking Ahead:

The upward trajectory in home prices and constrained inventory emphasize the need for continued policy adjustments, including a reassessment of the first-time buyer property transfer tax exemption thresholds.

Stay informed and empowered—connect with us today to discuss how these trends impact your buying or selling journey!