Vancouver home prices got another boost last month as buyers continue to outnumber sellers, pushing demand and prices upwards. The Real Estate Board of Greater Vancouver reported that the benchmark price for all properties in May 2023 is $1,188,000 – a month-over-month increase of 1.3%. Despite this being a 5.6% decrease from last year’s benchmark price, prices have been steadily increasing this year and the market remains hot.
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Low Inventory Creating Competitive Conditions Among Buyers
The number of newly listed homes rose by 31.4% compared to April, now at 5,661, however this number is still 4.3% below the 10-year seasonal average of 5,917. As well, total homes currently listed for sale is 20.6% below the 10-year average. These tight conditions are keeping prices high, with detached homes seeing the most price growth. The benchmark price for a detached home is now at $1,953,600, up 1.8% from April. Apartment prices were also up month-over-month by 1.1%, reaching $760,800.
Nearly all regions experienced benchmark price growth, except for Bowen Island, Sunshine Coast, and Whistler. Pitt Meadows had the greatest month-over-month price growth with a 3.9% increase to $906,300. This was largely driven by detached homes in the area, which grew by 6.5% from April to $1,274,800. Burnaby East, Ladner and Maple Ridge also had significant growth; by 2.9%, 2.6% and 2.6% respectively.
Homes Sales Climbing Up Across Property Types
So far, high mortgage rates and low supply have not deterred buyers from flocking to the spring market. Total sales were up month-over-month and year-over-year, with 3,411 homes trading hands. Detached homes had a particularly successful month, with 1,043 sales – a month-over-month increase of 29.1% and year-over-year increase of 30.7%. Apartment and townhouse sales also shot up month-over-month by 22.4% and 21.6% respectively.
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