Home prices continue to rise in Metro Vancouver’s housing market to kick off the summer
We’re halfway through the year and the real estate market has been heating up leading into summer. The Metro Vancouver real estate market continues to follow the upward trend seen earlier this year, with the benchmark price for all home types increasing in June. Limited inventory coupled with high demand from homebuyers has contributed to this rise.
According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales in the region increased by 21.1% compared to June 2022. However, this figure was still 8.6% below the 10-year seasonal average.
The apartment segment of the market exhibited the most strength in June. The benchmark price of apartment homes is nearing its peak from 2022, and apartment sales have surpassed the region’s ten-year seasonal average. In contrast, sales of attached and detached homes remained below their respective seasonal averages.
The imbalance between the limited resale inventory and the pool of buyers in Metro Vancouver continues to drive prices upward, despite higher borrowing costs.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver currently stands at $1,203,000. This represents a 2.4% decrease compared to June 2022 but a 1.3% increase from May 2023.
In South Surrey and White Rock, we are seeing a strong seller’s market across all properties types. Condos and townhouses are seeing especially strong seller conditions, with a 60% sales ratio average, which means 6 out of every 10 homes on the market sold last month. The detached market is also favouring sellers at a 22% sales ratio and selling on average at 100% of list price.
The average South Surrey and White Rock detached home sales price currently stands at $1,940,000, while the average attached home sales price is currently $780,000.
The Current Market Visualized:
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