Summary of August 2023 Vancouver Real Estate Market Report
- Residential property sales in Metro Vancouver have been affected by higher borrowing costs.
- Price gains in the housing market have cooled and sales have slowed.
- In August 2023, there were 2,296 residential home sales in the region, a 21.4% increase from August 2022.
- This was 13.8% below the 10-year seasonal average of 2,663 sales.
- The number of detached, attached, and apartment properties listed for sale in August 2023 was 3,943, an 18.1% increase from August 2022.
- The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,082, a 0.2% decrease compared to August 2022.
- The sales-to-active listings ratio for August 2023 is 23.9%, with ratios of 14.2% for detached homes, 30.3% for townhomes, and 31.9% for apartments.
- Downward pressure on home prices occurs when the ratio dips below 12%, while upward pressure occurs when it surpasses 20% over several months.
- Sales and price gains are now slowing to a pace more in line with historical seasonal patterns.
- The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,208,400.
- Sales of detached homes in August 2023 reached 591, with a benchmark price of $2,018,500.
- Sales of apartment homes reached 1,270 in August 2023, with a benchmark price of $770,000.
- Sales of attached homes in August 2023 totalled 422, with a benchmark price of $1,103,900.
