The benchmark price for a home in Vancouver has been steadily increasing every month since February and this trend continued in June with the benchmark price rising month-over-month by 1.3% to $1,203,000, according to the Real Estate Board of Greater Vancouver. Compared to last June, this number is down slightly by 2.4%, though this is the smallest percentage gap seen this year. Prices were also up across property types, with detached homes seeing the largest increase at 1.9%.
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“Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to see prices increase month over month across all segments,” said Andrew Lis, REBGV’s director of economics and data analytics.
Limited Inventory Keeping Market Conditions Tight
The number of newly listed homes for sale in June was 5,348, an improvement from last year’s 5,278 homes, however, this is a 5.5% drop from last month. With fewer homes entering the market, sellers may have an advantage as buyers face more competition.
The number of listings for detached homes fell in nearly all regions with Burnaby, New Westminister, North Vancouver, Port Coquitlam, Vancouver West, and West Vancouver/Howe Sound falling month-over-month by more than 10%. Apartment supply similarly fell in most regions, though not as greatly. Burnaby, Coquitlam, North Vancouver, and Vancouver West experienced declines of more than 5% while Vancouver East, Port Coquitlam, Vancouver West/Howe Sound, and Richmond had increases of more than 6% in the number of apartment listings.
Sales Outpacing Last Summer
Across all property types, sales in June 2023 exceeded June 2022 numbers. Detached home sales increased the most from last year, with 848 homes trading hands, up by 28.3%. Apartment home sales increased year-over-year by 18.6% with 1,573 sales, and attached home sales were up year-over-year by 17.6% with 547 sales.
Compared to last month, sales are down, however, indicating some growing hesitancy among buyers. These declines could also be attributed to a lack of inventory. Total sales were down by 12.4% month-over-month, dropping from 3,411 in May to 2,988 in June.
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