The Metro Vancouver housing market is a dynamic landscape, where trends shift like seasons, and opportunities emerge in the most unexpected places. As we bid farewell to the warmth of summer, August 2023 arrived with its own set of surprises. The influence of rising borrowing costs began to ripple through the real estate scene, leaving homeowners, buyers, and investors curious about the market's next move. In this comprehensive report, we're about to embark on a journey through the intricate web of the Metro Vancouver housing market for August 2023. Brace yourself as we uncover the latest developments in detached, townhouse, and apartment properties, and decipher the intriguing narratives behind the numbers.
Detached Homes:
Detached homes have remained a cornerstone of the Metro Vancouver housing market, with 591 sales in August 2023. This represents a 13.2 percent increase from the previous year. The benchmark price for detached homes has reached $2,018,500, reflecting a 3.3 percent increase from August 2022.
- Active Listings: 4,173
- Sales: 591
- Benchmark Price: $2,018,500
- Average Days On Market: 33
Townhouses:
Townhouses also showed resilience, with 422 sales in August 2023, an 18.9 percent increase from the previous year. The benchmark price for townhouses sits at $1,103,900, showcasing a 3.9 percent increase from August 2022.
- Active Listings: 1,394
- Sales: 422
- Benchmark Price: $1,103,900
- Average Days On Market: 22
Apartments:
The Real Estate Board of Greater Vancouver (REBGV) reports that as summer comes to an end, the Metro Vancouver housing market is experiencing the expected impact of higher borrowing costs. Price increases are slowing down, and sales are following a typical seasonal pattern. In August 2023, residential home sales in the region reached 2,296, marking a 21.4 percent increase from August 2022 when 1,892 sales were recorded. However, this figure was still 13.8 percent below the 10-year seasonal average of 2,663.
- Active Listings: 3,986
- Sales: 1,270
- Benchmark Price: $770,000
- Average Days On Market: 24
Market Overview: In August 2023, the Metro Vancouver housing market recorded a total of 2,296 residential property sales, showing a 21.4 percent increase from August 2022. However, this still falls 13.8 percent below the 10-year seasonal average, which stands at 2,663.
Despite the ongoing fluctuation in borrowing costs, Metro Vancouver's housing market has defied predictions of a major slowdown. Year-to-date price gains have remained strong, exceeding eight percent across all home types.
The number of new listings in August 2023 saw an 18.1 percent increase compared to the previous year, with 3,943 properties listed. Nevertheless, this figure remains 5.3 percent below the 10-year seasonal average.Currently, there are 10,082 homes listed for sale on the MLS® system in Metro Vancouver, representing a slight decrease of 0.2 percent from August 2022. This decrease is also 13.4 percent below the 10-year seasonal average.
Sales-to-Active Listings Ratio: The sales-to-active listings ratio for August 2023 is 23.9 percent across all property types. By property type, this ratio stands at 14.2 percent for detached homes, 30.3 percent for townhomes, and 31.9 percent for apartments. Historically, when this ratio dips below 12 percent, it exerts downward pressure on home prices, while values rise when it surpasses 20 percent over several months.
Conclusion: As fall approaches, the Metro Vancouver housing market is showing signs of settling into a more predictable pattern. Sales have aligned with price gains, both of which are slowing in pace, in line with historical seasonal patterns. Despite the challenges posed by fluctuating borrowing costs, the housing market continues to display resilience, maintaining stability as it transitions into the next season. Keep a close eye on this dynamic market for further developments in the months ahead.