Emily Vu, Personal Real Estate Corporation

Sustainable Happiness, Sustainable Return


The housing market in Greater Vancouver.

The housing market in Greater Vancouver.
In July 2023, the housing market in Greater Vancouver continued to experience a surge in home prices due to strong sales and a shortage of available properties. The Real Estate Board of Greater Vancouver reported a significant increase of 28.9% in resales compared to the previous year, though still 15.6% below the 10-year monthly average.

Housing inventory remained low, with 10,301 active listings at the end of July, which was 4.0% lower than July 2022 and 14.4% below the 10-year July average. The limited supply of homes played a crucial role in driving up real estate values, outweighing any downward pressure from higher interest rates.

Benchmark prices for all types of residential properties showed slight increases in both year-over-year and month-over-month figures, reflecting the persistent demand in the summer months. The sales-to-active listings ratio was 24.9%, indicating a seller's market experience that has been consistent throughout the year. Townhomes and apartments, in particular, experienced high demand with sales-to-listings ratios of 32.0% and 30.6%, respectively.

In conclusion, the Greater Vancouver housing market demonstrated moderate growth, with increasing home prices, especially for detached homes and condominiums, signaling a steady market trend.


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