Market shifting in buyers’ favour, though hesitation remainsCompared to last year there are many choices for buyers, plus interest rates have fallen but sales are still slow. I see prices
August 2023 Real Estate Update
Dated: August 4 2023
Views: 86
Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).
“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant. Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”
Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2023 is 24.9 per cent. By property type, the ratio is 16.5 per cent for detached homes, 32 per cent for townhomes, and 30.6 per cent for apartments.
“What’s interesting to see in the current market environment is that, while the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we’ve seen in Canada in over ten years. Yet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers’ ability to adapt to and qualify for higher borrowing costs.”
To find out where your home fits into the picture contact:
Spencer Kumo
Spencer Kumo Personal Real Estate Corporation 🇯🇵 | Award-Winning REMAX Crest Realtor | Vancouver & Burnaby Real Estate Expert As a dedicated and award-winning Realtor with REMAX Crest, I specia....
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Last Updated: September 21, 2026 4:53 AM UTC