{"id":22448,"date":"2023-08-07T10:10:00","date_gmt":"2023-08-07T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22448"},"modified":"2023-08-02T11:21:01","modified_gmt":"2023-08-02T18:21:01","slug":"rebgv-strong-home-sales-28-9-y-y-push-metro-vancouver-home-prices-upward-0-6-m-m","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/08\/rebgv-strong-home-sales-28-9-y-y-push-metro-vancouver-home-prices-upward-0-6-m-m\/","title":{"rendered":"REBGV Strong Home Sales (+28.9% Y\/Y) Push Metro Vancouver Home Prices Upward (+0.6% M\/M)"},"content":{"rendered":"<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9% increase from the 1,904 sales recorded in July 2022. This was 15.6% below the 10-year seasonal average (2,909).<\/p>\n<p style=\"text-align: justify;\">\u201cWhile sales remain about 15% below the ten-year average, they are also up about 30% year-over-year, which is not insignificant,\u201d Andrew Lis, REBGV\u2019s director of economics and data analytics said. \u201cLooking under the hood of these figures, it\u2019s 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 \u2018super-sized\u2019 increase to the policy rate of one full percent, catching buyers and sellers off guard, and putting a chill on market activity at that time.\u201d<\/p>\n<p style=\"text-align: justify;\">There were 4,649 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in July 2023. This represents a 17% increase compared to the 3,975 homes listed in July 2022. This was 5.2% below the 10-year seasonal average (4,902).<\/p>\n<p style=\"text-align: justify;\">The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 10,301, a 4% decrease compared to July 2022 (10,734). This was 14.4% below the 10-year seasonal average (12,039).<\/p>\n<p style=\"text-align: justify;\">Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2023 is 24.9%. By property type, the ratio is 16.5% for detached homes, 32% for townhomes, and 30.6% for apartments.<\/p>\n<p style=\"text-align: justify;\">Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat\u2019s 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\u2019ve seen in Canada in over ten years,\u201d Lis said. \u201cYet 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\u2019 ability to adapt to and qualify for higher borrowing costs.\u201d<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,210,700. This represents a 0.5% increase over July 2022 and a 0.6% increase compared to June 2023.<\/p>\n<p style=\"text-align: justify;\">Sales of detached homes in July 2023 reached 681, a 28.7% increase from the 529 detached sales in July 2022. The benchmark price for a detached home is $2,012,900. This represents a 0.6% increase from July 2022 and a 1.1% increase compared to June 2023.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment homes reached 1,281 in July 2023, a 20.7% increase compared to the 1,061 sales in July 2022. The benchmark price of an apartment home is $771,600. This represents a 2.6% increase from July 2022 and a 0.6% increase compared to June 2023.<\/p>\n<p style=\"text-align: justify;\">Attached home sales in July 2023 totalled 466, a 53.3% increase compared to the 304 sales in July 2022. The benchmark price of an attached home is $1,104,600. This represents a 1.2% increase from July 2022 and a 0.5% increase compared to June 2023.<\/p>\n<p><a href=\"https:\/\/members.rebgv.org\/news\/REBGV-Stats-Pkg-Jul-2023.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the July 2023 stats package.<\/p>\n<p><a href=\"https:\/\/www.rebgv.org\/market-watch\/monthly-market-report\/july-2023.html.html\" target=\"_blank\" rel=\"noopener\">Strong Sales Push Metro Vancouver Home Prices Past The Rate Hike in July<\/a> by REBGV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/08\/rebgv-strong-home-sales-28-9-y-y-push-metro-vancouver-home-prices-upward-0-6-m-m\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-22448","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REBGV Strong Home Sales (+28.9% Y\/Y) Push Metro Vancouver Home Prices Upward (+0.6% M\/M) &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/08\/rebgv-strong-home-sales-28-9-y-y-push-metro-vancouver-home-prices-upward-0-6-m-m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"REBGV Strong Home Sales (+28.9% Y\/Y) Push Metro Vancouver Home Prices Upward (+0.6% M\/M) &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"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. &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/08\\\/rebgv-strong-home-sales-28-9-y-y-push-metro-vancouver-home-prices-upward-0-6-m-m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/08\\\/rebgv-strong-home-sales-28-9-y-y-push-metro-vancouver-home-prices-upward-0-6-m-m\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"REBGV Strong Home Sales (+28.9% Y\\\/Y) Push Metro Vancouver Home Prices Upward (+0.6% M\\\/M)\",\"datePublished\":\"2023-08-07T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/08\\\/rebgv-strong-home-sales-28-9-y-y-push-metro-vancouver-home-prices-upward-0-6-m-m\\\/\"},\"wordCount\":548,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/08\\\/rebgv-strong-home-sales-28-9-y-y-push-metro-vancouver-home-prices-upward-0-6-m-m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/08\\\/rebgv-strong-home-sales-28-9-y-y-push-metro-vancouver-home-prices-upward-0-6-m-m\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/08\\\/rebgv-strong-home-sales-28-9-y-y-push-metro-vancouver-home-prices-upward-0-6-m-m\\\/\",\"name\":\"REBGV Strong Home Sales (+28.9% Y\\\/Y) Push Metro Vancouver Home Prices Upward (+0.6% M\\\/M) &#8226; 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