{"id":22909,"date":"2023-07-13T14:00:00","date_gmt":"2023-07-13T18:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=22909"},"modified":"2023-07-11T16:51:54","modified_gmt":"2023-07-11T20:51:54","slug":"rebgv-june-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/rebgv-june-2023\/","title":{"rendered":"Average Home Price in Vancouver Edging Closer to Last Year\u2019s Staggering Level: REBGV"},"content":{"rendered":"\n<p>The benchmark price for a home in <a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver<\/a> 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%.&nbsp;<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p>\u201cDespite 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,\u201d said Andrew Lis, REBGV\u2019s director of economics and data analytics.&nbsp;<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Limited Inventory Keeping Market Conditions Tight<\/h1>\n\n\n\n<p>The number of newly listed homes for sale in June was 5,348, an improvement from last year\u2019s 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.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/renewing-mortgage-canada-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>3 Tips to Maximize Affordability When Renewing Your Mortgage in 2023<\/strong><\/a><strong>&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<p>The number of listings for detached homes fell in nearly all regions with <a href=\"https:\/\/www.zoocasa.com\/burnaby-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Burnaby<\/a>, <a href=\"https:\/\/www.zoocasa.com\/new-westminster-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">New Westminister<\/a>, <a href=\"https:\/\/www.zoocasa.com\/north-vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">North Vancouver<\/a>, <a href=\"https:\/\/www.zoocasa.com\/port-coquitlam-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Port Coquitlam<\/a>, Vancouver West, and <a href=\"https:\/\/www.zoocasa.com\/search\" target=\"_blank\" rel=\"noreferrer noopener\">West Vancouver\/Howe Sound<\/a> falling month-over-month by more than 10%. Apartment supply similarly fell in most regions, though not as greatly. Burnaby, <a href=\"https:\/\/www.zoocasa.com\/coquitlam-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Coquitlam<\/a>, North Vancouver, and Vancouver West experienced declines of more than 5% while Vancouver East, Port Coquitlam, Vancouver West\/Howe Sound, and <a href=\"https:\/\/www.zoocasa.com\/richmond-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Richmond<\/a> had increases of more than 6% in the number of apartment listings.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"423\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/REBGV-April-750x423.png\" alt=\"\" class=\"wp-image-22910\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/REBGV-April-750x423.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/REBGV-April-300x169.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/REBGV-April-768x433.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/REBGV-April-1536x865.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/REBGV-April-2048x1154.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/REBGV-April.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Sales Outpacing Last Summer<\/h1>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/vancouver-best-outdoor-patios-summer-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Sip and Savor: Vancouver\u2019s Best Outdoor Patios for Summer 2023<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>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.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re looking to enter the Vancouver real estate market, <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">give us a call<\/a>. Our experienced real estate agents can guide you in finding the perfect home for you.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Looking in Vancouver?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":22917,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1170,1160,587],"tags":[],"class_list":["post-22909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-british-columbia","category-market-insights","category-vancouver-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Average Home Price in Vancouver Edging Closer to Last Year\u2019s Staggering Level: REBGV | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"The average home price in Vancouver continued to climb in June, nearly reaching last summer&#039;s staggering high level. However, limited inventory in the region is keeping conditions tight. Read more about the Vancouver housing market in Zoocasa&#039;s monthly report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/rebgv-june-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Average Home Price in Vancouver Edging Closer to Last Year\u2019s Staggering Level: REBGV | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"The average home price in Vancouver continued to climb in June, nearly reaching last summer&#039;s staggering high level. However, limited inventory in the region is keeping conditions tight. 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