May 2024 Market highlight

May 2024 REBGV greater vancouver market report

The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data

April 2024 Market highlight

April 2024 REBGV greater vancouver market report

It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data. The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.

FEBRUARY 2024 Market highlight

February 2024 REBGV greater vancouver market report

While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions.

JANUARY 2024 Market highlight

January 2023 REBGV greater vancouver market report

It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions. If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand.

december 2023 Market highlight

December 2023 REBGV greater vancouver market report

You could miss it by just looking at the year-end totals, but 2023 was a strong year for the Metro Vancouver housing market considering that mortgage rates were the highest they’ve been in over a decade.

November 2023 Market highlight

November 2023 REBGV greater vancouver market report

We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years. When paired with the seasonal slowdown in sales, we typically see this time of year. This supply increase creates balanced conditions across Metro Vancouver’s housing market.

October 2023 Market highlight

October 2023 REBGV greater vancouver market report

With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market we’ve been watching this fall. Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.

September 2023 Market highlight

September 2023 REBGV greater vancouver market report

A key dynamic we’ve been watching this year has been the reluctance of some homeowners to list their homes given that mortgage rates are the highest they’ve been in over ten years. With fewer listings coming to the market earlier this year than usual, inventory levels remained very low, which led prices to increase throughout the spring and summer months.

August 2023 Market highlight

August 2023 REBGV greater vancouver market report

It’s been an interesting spring and summer market, to say the least. Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.

July 2023 Market highlight

July 2023 REBGV greater vancouver market report

While 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. Looking under the hood of these figures, it’s 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 ‘super-sized’ 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.

June 2023 Market highlight

June 2022 REBGV greater vancouver market report

The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June. 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.

May 2023 Market highlight

May 2022 REBGV greater vancouver market report

While the year started slower than usual, Metro Vancouver’s1 housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,4112 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458).

April 2023 Market highlight

April 2022 REBGV greater vancouver market report

With listing activity remaining below historical norms, home sales in Metro Vancouver1 have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,7412 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249).

March 2023 Market highlight

March 2022 REBGV greater vancouver market report

Home prices across Metro Vancouver’s1 housing market showed modest increases in March, while new listings remained below long-term historical averages.

March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,5352 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540).

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023.

February 2023 Market highlight

February 2022 REBGV greater vancouver market report

February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023.

Last month’s sales were 33 per cent below the 10-year February sales average.


January 2023 Market highlight

January 2022 REBGV greater vancouver market report

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,022 in January 2023, a 55.3 percent decrease from the 2,285 sales recorded in January 2022, and a 21.1 percent decrease from the 1,295 homes sold in December 2022.

Last month’s sales were 42.9 percent below the 10-year January sales average.


December 2022 Market highlight

December 2022 REBGV greater vancouver market report

Residential home sales in the region totalled 1,295 in December 2022, a 51.8 per cent decrease from the 2,688 sales recorded in December 2021, and a 19.8 per cent decrease from the 1,614 homes sold in November 2022.

Last month’s sales were 37.7 per cent below the 10-year December sales average.


November 2022 Market highlight

November 2022 REBGV greater vancouver market report


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,614 in November 2022, a 52.9 percent decrease from the 3,428 sales recorded in November 2021, and a 15.2 percent decrease from the 1,903 homes sold in October 2022.

Last month’s sales were 36.9 percent below the 10-year November sales average.


October 2022 Market highlight

October 2022 REBGV greater vancouver market report


Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options. With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022 



September 2022 Market highlight

SEPTEMBER 2022 REBGV greater vancouver market report


Home sellers were more active in Metro Vancouver’s* housing market in September while home buyer demand remained below the region’s long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022.

Last month’s sales were 35.7 per cent below the 10-year September sales average.



August 2022 Market highlight

August 2022 REBGV greater vancouver market report

Metro Vancouver's housing market sees fewer home buyers and sellers in August.

Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 percent decrease from the 3,152 sales recorded in August 2021, and a 0.9 percent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

"With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge down over the past four months."

July 2022 Market highlight

July 2022 REBGV greater vancouver market report

Metro Vancouver’s housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,887 in July 2022, a 43.3 percent decrease from the 3,326 sales recorded in July 2021, and a 22.8 percent decrease from the 2,444 homes sold in June 2022.

Last month’s sales were 35.2 percent below the 10-year July sales average.

Download Printable Version – REBGV July 2022 Data Infographic Report North Vancouver

Download Printable Version – REBGV July 2022 Data Infographics Report West Vancouver

Download Printable Version – REBGV July 2022 Data Infographics Report Vancouver West

Download Printable Version – REBGV July 2022 Data Infographics Report Vancouver East

June 2022 Market highlight

June 2022 REBGV greater vancouver market report

Home listings up, sales down and prices starting to decrease.

With interest rates and housing supply increasing, Metro Vancouver* home buyers are operating in a changing marketplace to begin the summer season.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,444 in June 2022, a 35 percent decrease from the 3,762 sales recorded in June 2021, and a 16.2 percent decrease from the 2,918 homes sold in May 2022.

Last month’s sales were 23.3 percent below the 10-year June sales average.


Download Printable Version – REBGV June 2022 Data Infographic Report North Vancouver

Download Printable Version – REBGV June 2022 Data Infographics Report West Vancouver

Download Printable Version – REBGV June 2022 Data Infographics Report Vancouver West

Download Printable Version – REBGV June 2022 Data Infographics Report Vancouver East

May 2022 Market highlight

May 2022 REBGV greater vancouver market report

Spring ushers in calmer housing market trends in Metro Vancouver, After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver this spring due, in large part, to rising interest rates. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 2,918 in May 2022, a 31.6 percent decrease from the 4,268 sales recorded in May 2021, and a 9.7 percent decrease from the 3,232 homes sold in April 2022. Last month’s sales were 12.9 percent below the 10-year May sales average.

These infographics cover current trends in North Vancouver, West Vancouver, Vancouver East, and Vancouver West. Click on the images for a larger view!

 

Download Printable Version – REBGV May 2022 Data Infographic Report North Vancouver

Download Printable Version – REBGV May 2022 Data Infographics Report West Vancouver

Download Printable Version – REBGV May 2022 Data Infographics Report Vancouver West

Download Printable Version – REBGV May 2022 Data Infographics Report Vancouver East

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