INFOGRAPHICS: August 2023 REBGV Greater Vancouver Market Reports
Seasonal slowdown brings price stability to Metro Vancouver
As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver1 housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663).
“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.”
Andrew Lis, REBGV director of economics and data analytics
The following data is a comparison between August 2023 and August 2022 numbers, and is current as of September 2023. For last month’s update, you can check out our previous post!
These infographics cover current trends in several areas within the Greater Vancouver region. Click on the images for a larger view!