Home prices across all home types in Metro Vancouver rose again last month as sales continue to push up against low levels of housing inventory in the region.
That’s according to the Real Estate Board of Greater Vancouver’s (REBGV) market report for July 2023, noting that residential home sales in the region saw a 28.9-per cent increase from the sales recorded in July 2022.
The July 2023 sales, however, were still 15.6 per cent below the 10-year seasonal average.
“While sales remain about 15 per cent below the 10-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” said Andrew Lis, REBGV’s director of economics and data analytics, in a news release.
“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.”
The REBGV said the total number of homes listed for sale last month on the MLS system in Metro Vancouver saw a four per cent decrease compared to July 2022.
According to the REBGV, the benchmark price for a detached single-family house in Ladner this July was $1,450,200, up almost two per cent from the previous month and almost the same benchmark price compared to July 2022. The benchmark price for a detached house in Tsawwassen last month was $1,560,700, down just over two per cent from this June, as well as down 2.4 per cent compared to July 2022.
The benchmark price for a Ladner townhouse in July 2023 was $987,500, up just over nine per cent from July 2022, while the benchmark price for a Tsawwassen townhouse this July was $1,004,800, almost unchanged from the same time last year.
The benchmark price for a Ladner condo last month was $717,400 and it was $690,600 for a Tsawwassen condo, up two per cent and just over one per cent respectively from July 2022.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) says that after five months of successive increases, real estate sales in the Fraser Valley dropped in response to a combination of continued rising interest rates and the summer sales cycle.
The FVRB last month processed a 29.3 per cent decrease in sales below the previous month, but still 37.8 per cent above July 2022.
July 2023 new listings were also down by 16.6 per cent compared to the previous month, but 19.7 per cent higher than July 2022 levels, and virtually on par with the ten-year average.
According to the FVRB, the benchmark price for a single-detached house in North Delta this July was $1,428,900, up 1.2 per cent compared to July 2022. The benchmark price last month for a North Delta townhouse and condo was $977,500 and $601,400 respectively.