There were 723 sales in Vancouver in July 2023. This was an impressive 27% higher than the sales seen in July 2022...and could be otherwise pointed to as an indication of just how hot Vancouver's real estate has been lately.
That is, until you remember that last July was when the Bank of Canada raised interest rates by 1% and we saw a very quick slowdown in sales activity for the remainder of the year.
Looking more closely, we also see that sales were -15% from last month and also -16% from the 10-year average. By these measures, sales activity can clearly be seen to have cooled off from the torrid pace of the last few months.
New listings dropped to 1,525 which was -10.8% from last month but up +27% from a year ago and essentially flat when compared to the 10-year average (+0.4%). Total active listings rose to 3,403 but this was up just slightly over last month (+1.2%) and down (-12.6%) compared to last year.
We can see that generally all activity levels have tapered off to begin summer. It's yet to be seen whether this pause in market activity is related to a typical summer OR if it has more to do with the Bank of Canada surprising the market with a couple of additional interest rate hikes.
Despite the less hurried pace of the market, prices continued to rise throughout Vancouver and amongst nearly every housing type. The biggest jump was for East Vancouver Townhouses that rose to $1,126,300 (+1.57%)...but the strongest market continues to be for detached houses on both the Eastside and Westside of Vancouver.
I believe that we shall see another quiet month in August. It's likely that both sales and listings will be lower once more before activity picks up again in September.
If you are thinking of selling, September and October are likely optimal months to list. And if you are looking to buy....right now is likely a better time to be active without the heavier competition that is likely to come once Labour Day is behind us.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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