The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase<\/strong> from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).<\/p>\n \u201cWhile sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,\u201d Andrew Lis, REBGV\u2019s director of economics and data analytics said. \u201cLooking under the hood of these figures, it\u2019s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their \u2018super-sized\u2019 increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.\u201d<\/p>\n Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2023 continue to remain above 12%, meaning that there is continued upward pressure on prices.<\/p>\n The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,210,700. This represents a 0.5 per cent increase over July 2022 and a 0.6 per cent increase compared to June 2023.<\/p>\n In South Surrey<\/a> & White Rock<\/a> specifically, we are seeing a strong market for condos and townhouses. Prices increased month-over-month by 6%, now sitting at an average price of $823,500. While still historically low, detached home inventory<\/a> rose 12% in July, providing buyers with more choice in the market.<\/p>\n Alex K. Liang<\/strong>: 604-817-5179 |\u00a0Parm Pooni<\/strong>: 604-657-1742<\/p>\n Strong sales push Metro Vancouver home prices past the rate hike in July. The July Bank of Canada interest rate hike caught some people by surprise, but despite the news, … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[63,28,6,61,24,68,50,23,26,48],"class_list":["post-185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-alex-and-parm-team","tag-engel-and-volkers","tag-real-estate","tag-real-estate-investing","tag-real-estate-market-update","tag-realtor","tag-south-surrey-realtor","tag-vancouver-real-estate","tag-white-rock-real-estate","tag-white-rock-realtor"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\tThinking of selling your home? Give us a call to discuss how we can reach your real estate goals together!<\/h4>\n
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