Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the
region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June
2022. This was 8.6 per cent below the 10-year seasonal average (3,269).
“The market continues to outperform expectations across all segments, but the apartment
segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of
economics and data analytics said. “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.”
There were 5,348 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per
cent increase compared to the 5,278 homes listed in June 2022. This was 3.1 per cent below the
10-year seasonal average (5,518).
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
9,990, a 7.9 per cent decrease compared to June 2022 (10,842) This was 17.4 per cent below the
10-year seasonal average (12,091).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for
June 2023 is 31.4 per cent. By property type, the ratio is 20.9 per cent for detached homes, 38.5
per cent for townhomes, and 39.4 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio
dips below 12 per cent for a sustained period, while home prices often experience upward
pressure when it surpasses 20 per cent over several months.
“Despite elevated borrowing costs, there continues to be too little resale inventory available
relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to
see prices increase month over month across all segments,” Lis said. “With the benchmark price
for apartments now standing at $767,000, we repeat our call to the provincial government to
adjust the $525,000 threshold exempting first-time home buyers from the Property Transfer Tax
to better reflect the price of entry-level homes in our region. This is a simple policy adjustment
that could help more first-time buyers afford a home right now.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,203,000. This represents a 2.4 per cent decrease over June 2022 and a
1.3 per cent increase compared to May 2023.
Sales of detached homes in June 2023 reached 848, a 28.3 per cent increase from the 661
detached sales recorded in June 2022. The benchmark price for a detached home is $1,991,300.
This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to
Sales of apartment homes reached 1,573 in June 2023, an 18.6 per cent increase compared to the
1,326 sales in June 2022. The benchmark price of an apartment home is $767,000. This
represents a 0.5 per cent increase from June 2022 and a 0.8 per cent increase compared to May
Attached home sales in June 2023 totalled 547, a 17.6 per cent increase compared to the 465
sales in June 2022. The benchmark price of an attached home is $1,098,900. This represents a one per cent decrease from June 2022 and a 1.5 per cent increase compared to May 2023.
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