Market News 2023-06

Metro Vancouver's housing market is heating up with prices having increased for the sixth consecutive month and residential home sales up by 15.7% from the previous year. The market is experiencing more demand than supply, as the number of homes listed for sale has decreased by 11.5% from last year and the total number of homes available is 20.6% below the 10-year average. The benchmark price for residential properties is $1,188,000, with detached homes priced at $1,953,600, apartments at $760,800, and attached homes at $1,083,000, all representing an increase from April 2023.

The Fraser Valley real estate market saw a surge in new listings in May, up by more than 40% over April, which is helping to alleviate housing supply issues. There has been an increase in active listings and sales; active listings grew by 20% from April, while sales processed by the Board increased by 10.1% over the previous month, and 25.8% over the previous year. However, despite these positive trends, prices continue to rise, with the composite Benchmark price exceeding $1 million.

The British Columbia Real Estate Association reports a decrease in residential unit sales by 17.7% from April 2022, and the average residential price fell by 5.6% compared to last year. Despite this, average home prices are on the rise for the third consecutive month due to a lack of inventory and a decrease in new listings, pushing the market into tighter conditions.