July 2023 Market Insights

July 2023 Market Insights – Watch REGBV July 2023 overview of housing market activity in Metro Vancouver: “Home prices across all home types in Metro Vancouver1 rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.”

“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant. Looking under the hood of these figures, it’s 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 ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.” Andrew Lis, REBGV director of economics and data analytics

1 Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

Sales-to-active listings ratio for July 2023

Generally, analysts say 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. You can see more details on Real Estate Board of Greater Vancouver Market Watch.

Detached Houses for sale, houses for sale, Residential properties

16.5 % – Balanced Market

New Listings Townhouses for Sale

32% – Seller’s Market

New Listings Condos for sale, Residential properties

30.6 % – Seller’s Market

Check our Market Statistics page to see detailed July 2023 market insights for Greater Vancouver & Fraser Valley, broken out by city and housing type (detached homes, condos, townhouses) .  The movements in prices, sales, number of days a listing is on the market, and sales to active ratio by city will give you a real understanding of how the market is shifting neighbourhood by neighbourhood.   This is really important:  Greater Vancouver is made up of a lot of local markets, which can move very differently!  For example, the market might be HOT in Maple Ridge and slow in Vancouver, or HOT for condos and slow for detached homes… and it is shifting all the time!  Sometimes the shifts are small, other times they are very significant.  We track movements across the entire region – contact us for further insights!

Check our other blogs under Videos  – that might give you answers about buying or selling a home.

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  • Check the Listing Prices and the Sell Prices of similar properties in your neighbourhood on the Search by Map page.