Strong Start to the Summer, But Higher Interest Rates Loom
Vancouver, BC – July 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 8,740 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in June 2023, an increase of 21.9 per cent from June 2022. The average MLS® residential price in BC was $991,648, up 4.7 per cent compared to June 2022. The total sales dollar volume was $8.7 billion, representing a 27.6 per cent increase from the same time last year.
“June home sales continued to outperform expectations, following a very strong rebound in May,” said BCREA Chief Economist Brendon Ogmundson. “However, rising interest rates will likely dampen home sales activity in coming months.
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Home prices continue to rise in Metro Vancouver’s housing market
to kick off the summer
VANCOUVER, BC – July 5, 2023 – Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales 2 in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).
“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “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. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”
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