{"id":23874,"date":"2023-09-09T11:00:00","date_gmt":"2023-09-09T15:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=23874"},"modified":"2023-09-08T15:06:26","modified_gmt":"2023-09-08T19:06:26","slug":"rebgv-aug-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/rebgv-aug-2023\/","title":{"rendered":"Summer Slowdown Sees Decline in Sales and Average Prices: REBGV"},"content":{"rendered":"\n<p>Vancouver\u2019s housing market stabilized in August as higher borrowing costs put a damper on the city\u2019s steady growth. The benchmark price for a home in the city was $1,208,400 in August,\u00a0 down 0.2% from July, and 2.5% higher year-over-year, according to the Real Estate Board of Greater Vancouver.\u00a0<\/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<h2 class=\"wp-block-heading\">Market Conditions Stabilize as Summer Slows Sales and Price<\/h2>\n\n\n\n<p>The typical seasonal trend is for the market to calm down as the summer ends as Canadians prioritize soaking up the last few weeks of summer. Price gains have cooled and sales activity has slowed in Vancouver due to both the time of year and the impact of higher borrowing costs. The number of sales fell from 2,455 in July to 2,296 in August, a decline of 6.9%. This figure is also a staggering 13.8% lower than the 10-year seasonal average.<\/p>\n\n\n\n<p>Even though sales numbers have been declining on a monthly basis, activity has improved compared to last year, as sales were up 21.4% on a year-over-year. Despite the higher interest rates, buyers are still willing to jump into the market in comparison to last year where many took to the sidelines as rates began increasing.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/single-income-buying-real-estate-canada-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Buying With a Single Income: Most Affordable and Expensive Cities in Canada (2023)<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>\u201cAs fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are,\u201d said Andrew Lis, REBGV director of economics and data analytics.<\/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\/09\/REBGV-Aug-750x423.png\" alt=\"\" class=\"wp-image-23875\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/09\/REBGV-Aug-750x423.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/09\/REBGV-Aug-300x169.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/09\/REBGV-Aug-768x433.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/09\/REBGV-Aug-1536x865.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/09\/REBGV-Aug-2048x1154.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/09\/REBGV-Aug.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Affordability is a Key Factor in Vancouver<\/h2>\n\n\n\n<p>Notably, the best-performing property type was also the most affordable. Apartment sales were up by 27.4% compared to August of last year, marking the greatest sales improvement of any property type, from 997 properties trading hands to 1,270. The benchmark price for an apartment is $770,000, just 0.2% down from July, while also seeing the highest year-over-year growth in price at 4.4%. Detached and attached homes have experienced price growth of 3.3% and 3.9% respectively from August of last year, with only an extremely mild decline of 0.1% in the attached sector from July. Detached homes have interestingly seen a 0.3% increase month-over-month, likely due to the high demand for a home type low in availability.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/down-payment-for-house-apartment-across-canada-aug-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The Down Payment You\u2019ll Need to Buy a Detached House or Apartment Across Canada<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>On a monthly basis, apartments also had the smallest sales decline, falling by just 0.8%, with 1,270 homes trading hands in August compared to\u00a0 1,281 in July.\u00a0 Detached home sales fell by 15.2% to 681 and attached by 10.4%. In a city where the benchmark home price is over $1,200,000 and interest rates are at their highest in a decade, it\u2019s no surprise that buyers are drifting towards the most affordable home type.\u00a0<\/p>\n\n\n\n<p>If you\u2019re looking for the perfect Vancouver home, reach out to us to get in touch with <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">a local agent<\/a>&nbsp;who can help answer questions you may have about the process.<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Looking for a Vancouver home?<\/div>\n<div class=\"cta-body\">Contact us today to talk to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver\u2019s housing market stabilized in August as higher borrowing costs put a damper on the city\u2019s steady growth. The benchmark price for a home in the city was $1,208,400 in August,\u00a0 down 0.2% from July, and 2.5% higher year-over-year, according to the Real Estate Board of Greater Vancouver.\u00a0 Enjoying our content? Subscribe to our free [&hellip;]<\/p>\n","protected":false},"author":119,"featured_media":23878,"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":[1111,587],"tags":[],"class_list":["post-23874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada","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>Summer Slowdown Sees Decline in Sales and Average Prices: REBGV | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Check out our report on Vancouver real estate for August 2023. The summer slowdown is here as sales and average prices begin to decline, while interest rates are also having an impact.\" \/>\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-aug-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Summer Slowdown Sees Decline in Sales and Average Prices: REBGV | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Check out our report on Vancouver real estate for August 2023. The summer slowdown is here as sales and average prices begin to decline, while interest rates are also having an impact.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/rebgv-aug-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-09T15:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-08T19:06:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/09\/Zoocasa_Summer_Slowdown_Sees_Decline_in_Sales_and_Average_Prices_REBGV_Thumbnail.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Daniel Crook\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/09\/Zoocasa_Summer_Slowdown_Sees_Decline_in_Sales_and_Average_Prices_REBGV_Thumbnail.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daniel Crook\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rebgv-aug-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rebgv-aug-2023\/\"},\"author\":{\"name\":\"Daniel Crook\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/2a4b65285e841ed26e0f85235df85c59\"},\"headline\":\"Summer Slowdown Sees Decline in Sales and Average Prices: REBGV\",\"datePublished\":\"2023-09-09T15:00:00+00:00\",\"dateModified\":\"2023-09-08T19:06:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rebgv-aug-2023\/\"},\"wordCount\":534,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Canada\",\"Vancouver Real Estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rebgv-aug-2023\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/rebgv-aug-2023\/\",\"name\":\"Summer Slowdown Sees Decline in Sales and Average Prices: REBGV | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2023-09-09T15:00:00+00:00\",\"dateModified\":\"2023-09-08T19:06:26+00:00\",\"description\":\"Check out our report on Vancouver real estate for August 2023. 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