21 Sep 2023
REBGV Market Update For August 2023 – Historical Seasonal Patterns Now Emerging
The August 2023 market report released by the Real Estate Board of Greater Vancouver (REBGV) showed that sales are slowing and the higher borrowing costs have begun to make an impact on the real estate market. “It’s been an interesting spring and summer market, to say the least. Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundit’s predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.” Andrew Lis director of economics and data analytics. Home Sales There were only 2,296 residential property sales registered in August 2023 for the region. The same period last year registered 1,892 sales. This was 13.8% below the 10 year seasonal average of 2,663.
- The number of detached properties sold was 591, 13.2% more than the 522 units sold in August 2022.
- The number of apartments sold was 1270, 27.4% more than the 997 units sold in August 2022.
- The number of attached properties sold was 422, 18.9% more than the 355 units sold in August 2022.
- 14.2% for detached homes – in seller market territory
- 30.3 % for townhomes – remaining in seller market territory
- 31.9% for condominiums – firmly in seller market territory