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.