New data shows housing sales have increased significantly in the first half of 2023.

In Metro Vancouver, home sales rose by 190.1% between January 2023 and June 2023, with 2,988 homes sold in the region in June, according to a report from real estate listing website Zoocasa.

Among larger markets where more than 1,000 homes are sold, the Fraser Valley area had the largest increase in Canada. In June of this year there were 1,849 home sales, an increase of 214.5% from January 2023.

Nationally, home sales have doubled since January, according to the report released July 31.

“Despite less-than-favourable conditions for buyers in some cities, the reality is that in many markets across the country, homes are flying off the market,” said the report.

“The number of sales has skyrocketed since the beginning of the year. Following a slow 2022, national sales have increased by well over 100% in almost all major Canadian markets since January, despite the continually low inventory and the ever-increasing prices.”

These increases in sales go hand in hand with rising prices. Competition and low supply Metro Vancouver’s housing market are pushing prices higher. The result was a 7.9% increase in prices between January and June. The average home sold for $1,203,000 in Metro Vancouver last month – the highest average home price in Canada, according to the report’s data.

In the Fraser Valley, prices increased by 10.8% between January and June to an average of $1,040,900.

The greatest increase in sales was seen in southern Ontario’s Guelph and district area, according to the report. Sales rose by 387.4% between January and June.

The market is much smaller than the Fraser Valley or Metro Vancouver. There were 424 sales in June 2023. The area’s prices increased by 7.6%.

Metro Vancouver Home Sales Have “Skyrocketed” Since The Beginning of 2023 by Claire Wilson | BIV