Metro Vancouver home sales within the jurisdiction of the Real Estate Board of Greater Vancouver (REBGV) reached a total of 2,988 units over the month of June 2023.

This number represents a 21% increase from the 2,467 sales recorded in the same month in 2022, amidst the real estate downturn from the Bank of Canada’s initial interest rate hikes.

While June 2023’s total home sales were an improvement from June 2022, the levels recorded were still 8.6% below the 10-year seasonal average.

According to REBGV, the region continues to experience a limited inventory of home listings, which adds to upward pressure on prices.

Over the month, apartments saw a relatively strong performance compared to townhouses and detached houses.

“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” said Andrew Lis, REBGV’s director of economics and data analytics, in a statement.

“The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”

Over the course of the month, there were 5,348 homes of all types newly listed for sale, which is a 1.3% increase from the 5,278 homes newly listed in June 2022, and 3% below the 10-year seasonal average.

Currently, the total number of homes listed for sale within REBGV jurisdiction is 9,990 units, representing an 8% drop from June 2022’s tally of 10,842, and 17.4% below the 10-year seasonal average.

The sales-to-active listings ratio for June 2023 also highlights the upward pressure in home prices, with the ratios currently hovering at 21% for detached homes, 38.5% for townhouses, and 39.4% for apartments. Generally, based on historical trajectories, home prices see upward pressure when this ratio is over 20% over an extended period of time, while there is downward pressure on prices when the ratio goes below 12% over a sustained period.

The benchmark price across all home types is now $1.203 million, which is a 2.4% drop from June 2022, and up by 1.3% compared to May 2023.

REBGV’s jurisdiction covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and all of the Tri-Cities and North Shore. Other areas such as Surrey, Langley, Delta, and White Rock are part of the Fraser Valley Real Estate Board.

REBGV data for Vancouver’s June 2023 performance shows benchmark prices for all home types in the Vancouver Westside reached $1.337 million, representing a 1.3% month-over-month increase and an 8.6% six-month increase, but a 0.3% drop from June 2022. For the Vancouver Eastside, benchmark prices reached $1.217 million, which is a 2% month-over-month increase and a 9.6% six-month increase, but also a 0.3% year-over-year decline.

Benchmark prices for detached houses are now $3.419 million in the Vancouver Westside and $1.88 million in the Vancouver Eastside, townhouses are now $1.497 million in the Vancouver Westside and $1.109 million in the Vancouver Eastside, and for apartments, they are now $856,000 in the Vancouver Westside and $714,000 in the Vancouver Eastside.

REBGV : June 2023 home sales statistics

Detached homes
• Number of units sold : 848 (-28.3% over June 2022)
• Active listings : 4,056
• Benchmark price : $1,991,300 (-3.2% over June 2022; +1.9% over May 2023)
• Average days on market : 25

Apartment homes
• Number of units sold : 1,573 (+18.6% over June 2022)
• Active listings : 3,991
• Benchmark price : $767,000 (+0.5% over June 2022; +0.8% over May 2023)
• Average days on the market : 22

Townhomes
• Number of units sold : 547 (+17.6% over June 2022)
• Active listings : 1,419
• Benchmark price : $1,098,900 (-1.0% over June 2022; +1.5% over May 2023)
• Average days on the market : 19

Uptick in Demand Prompts Continued Rise in Metro Vancouver Home Prices by Kenneth Chan | Urbanized