Home price escalation in Metro Vancouver sees slight slowdown

A neighbourhood in East Vancouver. (Isobel Hsu/Shutterstock)

The August 2023 real estate market performance data is in for the Real Estate Board of Greater Vancouver’s (REBV) jurisdiction, and it shows the escalation in home prices is slowing down to levels that can be typically expected.

“It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” said Andrew Lis, director of economics and data analytics with REBGV, in a statement.

“As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.”

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The benchmark price for all homes within REBGV’s jurisdiction reached $1.208 million in August 2023, which is a 2.5% increase over August 2022, and a 0.2% decrease from July 2023.

There were 2,296 homes sold over the course of the month, representing a 21.4% increase from August 2022 but 13.8% below the 10-year seasonal average.

A total of 3,943 homes of all types were newly listed for sale over the month, which is an 18.1% increase compared to August 2022, but 5.3% below the 10-year seasonal average.

Furthermore, the total number of homes currently listed for sale in REBGV’s jurisdiction is currently 10,082 units, which is 0.2% lower than August 2022 and 13.4% below the 10-year seasonal average.

REBGV’s jurisdiction covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and all of the Tri-Cities and North Shore. Other areas, such as Surrey, Langley, Delta, and White Rock, are part of the Fraser Valley Real Estate Board.

Homes in Vancouver’s Westside area saw a benchmark price of $1.346 million in August 2023, with single-family detached houses at $3.519 million, townhouses at $1.498 million, and apartments at $847,000, whereas homes in Vancouver’s Eastside area saw a benchmark price of $1.238 million, with single-family detached houses at $1.914 million, townhouses at $1.135 million, and apartments at $724,000.

“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 pundits’ 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,” continued Lis.

August 2023 home sales statistics: REBGV

Detached homes
- Number of units sold: 591 (+13.2% over August 2022)
- Active listings: 4,173
- Benchmark price: $2,018,500 (+3.3% over August 2022; -0.3% over July 2023)
- Average days on market: 33
Apartment homes
- Number of units sold: 1,270 (+27.4% over August 2022)
- Active listings: 3,986
- Benchmark price: $770,000 (+4.4% over August 2022; -0.2% over July 2023)
- Average days on the market: 24
Townhomes
- Number of units sold: 422 (+18.9% over August 2022)
- Active listings: 1,394
- Benchmark price: $1,103,900 (+3.9% over August 2022; -0.1% over July 2023)
- Average days on the market: 22

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