Activity surged on an annual basis despite remaining markedly below the region’s 10-year seasonal average
Continuously depleted housing supply and sustained demand in Vancouver led to a marked year over year increase in home prices in June, according to the Real Estate Board of Greater Vancouver.
The region saw 2,988 residential sales in June 2023, up by 21.1% on an annual basis despite remaining 8.6% below the 10-year seasonal average.
A total of 5,348 detached, attached, and apartment properties were newly listed for sale on Metro Vancouver’s multiple listing service last month. This was a 1.3% increase from June 2022, and was only 3.1% below the 10-year average.
Active listings in Metro Vancouver stood at 9,990 units in June, down by 7.9% year over year and 17.4% below the 10-year seasonal average.
“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” said Andrew Lis, director of economics and data analytics at REBGV.
The composite benchmark price across all residential assets in Metro Vancouver is currently $1.203 million, up by 1.3% on a monthly basis despite dropping by 2.4% annually.
“The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average,” Lis said. “This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”
