VANCOUVER, BC – February 2, 2024 – While the Metro Vancouver1 market ended 2023 in
balanced market territory, conditions in January began shifting back in favour of sellers as the
pace of newly listed properties did not keep up with the jump in home sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the
region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in
January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788).

“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,” Andrew Lis, REBGV’s director
of economics and data analytics said. “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.”

There were 3,788 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5
per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent
below the 10-year seasonal average (4,166).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the
10-year seasonal average (8,657).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for
January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes,
22.9 per cent for attached, and 19.9 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio
dips below 12 per cent for a sustained period, while home prices often experience upward
pressure when it surpasses 20 per cent over several months.

“Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year,
which is largely the result of demand, once again, butting up against too little inventory,” Lis
said. “If the January figures are indicative of what the spring market has in store, our forecast
may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll
watch the February numbers to see if these early signs of strength continue, or whether they’re a
blip in the data.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and
a 0.6 per cent decrease compared to December 2023.

Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296
detached sales recorded in January 2023. The benchmark price for a detached home is
$1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent
decrease compared to December 2023.

Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the
571 sales in January 2023. The benchmark price of an apartment home is $751,900. This
represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to
December 2023.

Attached home sales in January 2024 totalled 285, an 82.7 per cent increase compared to the 156
sales in January 2023. The benchmark price of a townhouse3 is $1,066,700. This represents a 4.3
per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

For more stats CLICK HERE.

Fraser Valley closes out 2023 with lowest annual sales recorded in 10 years SURREY, BC – High interest rates kept a lid on sales and listings in the Fraser Valley in 2023, while holding year-over-year price growth to low single digits. The Fraser Valley region ended the year with 14,713 sales recorded on its Multiple Listing Service® (MLS®), a decline of four per cent over 2022 and 23 per cent below the 10-year average. New listings in the Fraser Valley were also at a 10-year low, at 29,610, eight per cent below the 10-year average.

The composite Benchmark home price in the Fraser Valley closed the year at $988,900, down six per cent from its 2023 peak in July, but up on the year by five per cent.

“Back-to-back mid-year interest rate hikes slowed the market despite strong sales and new listings in the spring,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This left the market in overall balance for the latter half of the year, albeit at low levels of activity. We anticipate 2024 will bring increased optimism on behalf of buyers and sellers as the Bank of Canada is expected to lower interest rates before mid-year.”

December 2023 For the month of December, the Board recorded 837 sales on its MLS®, a drop of six per cent from November, but 17 per cent higher than December 2022. At 942, new listings dropped by 54 per cent in December, but increased 17 per cent compared to December of 2022. Total active listings for December stood at 4,670, a decrease of 25 per cent month-over-month, but 19 per cent higher year-over-year.

With a sales-to-active listings ratio of 18 per cent for December, the overall market closed out the year in balance. Detached houses closed out 2023 with a ratio of 16 per cent, while both townhomes and apartments remained in seller’s market territory at 29 and 26 per cent respectively. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“2023 saw buyers and sellers adjust to new rate realities, and the impact of those high rates were reflected in the low number of sales in the Fraser Valley,” said FVREB CEO Baldev Gill. “However, as rates start to ease, we expect market activity will pick up. This will create opportunities for buyers and sellers who are advised to consult with a professional REALTOR® before jumping into the market.”

On average, properties spent approximately 41 days on the market, with single family detached homes spending 40 days on the market. Townhomes and apartments moved more quickly at 32 and 33 days respectively. Overall Benchmark prices continued to slide for the fifth month in a row, losing 1.5 per cent compared to November.

Getall the Fraser Valley Stats HERE.

Metro Vancouver housing market shows resilience in 2023, ending the year in balanced territory

Metro Vancouver’s housing market closed out 2023 with balanced market conditions, but the year-end totals mask a story of surprising resilience in the face of the highest borrowing costs seen in over a decade. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 26,249 in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021. 
Last year’s sales total was 23.4 per cent below the 10-year annual sales average (34,272). 

“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,” Andrew Lis, REBGV’s director of economics and data analytics said. “In our 2023 forecast, we called for modest price increases throughout the year while most other forecasters were predicting price declines. The fact that we ended the year with five-per-cent-plus gains in home prices across all market segments demonstrates that Metro Vancouver remains an attractive and desirable destination, and elevated borrowing costs alone aren’t enough to dissuade buyers determined to get into this market.” 

Properties listed on the Multiple Listing Service® (MLS®) in Metro Vancouver totalled 50,893 in 2023. This represents a 7.5 per cent decrease compared to the 55,047 properties listed in 2022. This was 20.2 per cent below the 63,761 properties listed in 2021. 

The total number of properties listed last year was 10.5 per cent below the region’s 10-year total annual average of (56,868). 

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 8,802, a 13 per cent increase compared to December 2022 (7,791). This is 0.3 per cent above the 10-year seasonal average (8,772). 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,168,700. This represents a five per cent increase over December 2022 and a 1.4 per cent decrease compared to November 2023. 

“Ultimately, the story of 2023 is one of too few homes available relative to the pool of willing and qualified buyers,” Lis said. “Sellers were reluctant to list their properties early in the year, which led to fewer sales than usual coming out of the gate. But this also led to near record-low inventory levels in the spring, which put upward pressure on prices as buyers competed for the scarce few homes available.”

 
“Looking back on the year, it’s hard not to wonder how we’d be closing out 2023 if mortgage rates had been a few per cent lower than they were. And it looks like we might get some insight into that question in 2024, as bond markets and professional forecasters are projecting lower borrowing costs are likely to come, with modest rate cuts expected in the first half of the New Year.” 

December 2023 summary

Residential sales in the region totalled 1,345 in December 2023, a 3.2 per cent increase from the 1,303 sales recorded in December 2022. This was 36.4 per cent below the 10-year seasonal average (2,114). 

There were 1,327 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in December 2023. This represents a 9.9 per cent increase compared to the 1,208 properties listed in December 2022. This was 22.7 per cent below the 10-year seasonal average (1,716). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2023 is 16 per cent. By property type, the ratio is 11.1 per cent for detached homes, 18.7 per cent for attached, and 19.6 per cent for apartments. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

Sales of detached homes in December 2023 reached 376, a 1.3 per cent increase from the 371 detached sales recorded in December 2022. The benchmark price for a detached home is $1,964,400. This represents a 7.7 per cent increase from December 2022 and a 0.9 per cent decrease compared to November 2023. 

Sales of apartment homes reached 719 in December 2023, a 2.4 per cent increase compared to the 702 sales in December 2022. The benchmark price of an apartment home is $751,300. This represents a 5.6 per cent increase from December 2022 and a 1.5 per cent decrease compared to November 2023. 

Attached home sales in December 2023 totalled 238, a 7.2 per cent increase compared to the 222 sales in December 2022. The benchmark price of a townhouse is $1,072,700. This represents a 6.4 per cent increase from December 2022 and a 1.8 per cent decrease compared to November 2023. 

Download the December 2023 stats package.

SURREY, BC – The Fraser Valley real estate market continues to cool heading into the holiday season as
buyers and sellers maintain the holding pattern seen over the latter half of this year.
The Fraser Valley Real Estate Board recorded 891 transactions on its Multiple Listing Service® (MLS®) in
November, a drop of 8 per cent from the previous month, representing the 9th slowest November in a
decade.
At 2,030 new listings also fell again, decreasing by 20 per cent from October and by 43 per cent since
peaking in May at 3,533.
“As we head into the holiday season, buyers and sellers are busy with other priorities and will most likely
continue to wait on the sidelines,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We
anticipate this holding pattern, defined by slow sales and declining new listings, will continue through the
winter months until we see some downward movement in interest rates.”
Active listings in November were 6,254, down by 5 per cent over last month and up by 17 per cent over
November 2022. The sales-to-active listings ratio was 14 per cent, creating balanced conditions in the
overall market. Detached houses are in balanced market territory at 12 per cent, while both townhomes
and apartments remain in seller’s market territory. The market is considered balanced when the ratio is
between 12 per cent and 20 per cent.
“With seasonality and high interest rates continuing to dampen sales activity, we expect to see sales slow
further into early 2024,” said FVREB CEO Baldev Gill. “However, even a slow market can present
opportunities, and buyers would be well-advised to work with a knowledgeable, professional REALTOR®
who can provide expert advice and guidance.”
On average, properties spent approximately one month on the market, with single family detached homes
spending 36 days on the market, and townhomes and apartments moving more quickly at 29 days.
Overall Benchmark prices continued to slide for the fourth month in a row, losing 1.1 per cent compared to
October.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,489,100, the Benchmark price for an FVREB single-family detached
home decreased 0.94 per cent compared to October 2023 and increased 6.22 per cent compared
to November 2022.
• Townhomes: At $837,200, the Benchmark price for an FVREB townhome decreased 0.95 per cent
compared to October 2023 and increased 5.08 per cent compared to November 2022.
• Apartments: At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02 per
cent compared to October 2023 and increased 5.60 per cent compared to November 2022.

Get all of the November Fraser Valley stats HERE.

Balanced conditions come to the Metro Vancouver housing market for the holiday season

With one month left in 2023, a steady increase in housing inventory is offering home buyers across Metro Vancouver1 among the largest selection to choose from since 2021.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,702 in November 2023, a 4.7 per cent increase from the 1,625 sales recorded in November 2022. This was 33 per cent below the 10-year seasonal average (2,538).

“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,” Andrew Lis, REBGV’s director of economics and data analytics said. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”

There were 3,369 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2023. This represents a 9.8 per cent increase compared to the 3,069 properties listed in November 2022. This was 2.8 per cent below the 10-year seasonal average (3,464).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,931, a 13.5 per cent increase compared to November 2022 (9,633). This is 3.7 per cent above the 10-year seasonal average (10,543).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2023 is 16.3 per cent. By property type, the ratio is 12.7 per cent for detached homes, 19.8 per cent for attached, and 18.2 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven per cent earlier in the year,” Lis said. “You probably won’t find Cyber Monday discounts, but prices have edged lower by a few per cent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,185,100. This represents a 4.9 per cent increase over November 2022 and a one per cent decrease compared to October 2023.

Sales of detached homes in November 2023 reached 523, a seven per cent increase from the 489 detached sales recorded in November 2022. The benchmark price for a detached home is $1,982,600. This represents a 6.8 per cent increase from November 2022 and a 0.9 per cent decrease compared to October 2023.

Sales of apartment homes reached 850 in November 2023, a 0.4 per cent increase compared to the 847 sales in November 2022. The benchmark price of an apartment home is $762,700. This represents a 6.2 per cent increase from November 2022 and a one per cent decrease compared to October 2023.

Attached home sales in November 2023 totalled 316, a 12.5 per cent increase compared to the 281 sales in November 2022. The benchmark price of a townhouse3 is $1,092,600. This represents a 6.9 per cent increase from November 2022 and a 0.7 per cent decrease compared to October 2023.

Download the November 2023 stats package HERE.

VANCOUVER, BC – November 2, 2023 – An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver , but sales remain below long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.

“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 that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”

There were 4,664 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2023. This represents a 15.4 per cent increase compared to the 4,043 properties listed in October 2022 and is 4.8 per cent above the 10-year seasonal average (4,449) for the month. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,599, a 12.6 per cent increase compared to October 2022 (10,305). This change is also 0.6 per cent above the 10-year seasonal average (11,526). Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2023 is 17.9 per cent. By property type, the ratio is 12.9 per cent for detached homes, 20.9 per cent for attached, and 21.5 per cent for apartments. Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis said. “While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,500. This represents a 4.4 per cent increase over October 2022 and a 0.6 per cent decrease compared to September 2023. Sales of detached homes in October 2023 reached 577, a 0.7 per cent decrease from the 581 detached sales recorded in October 2022.

The benchmark price for a detached home is $2,001,400. This represents a 5.8 per cent increase from October 2022 and a 0.8 per cent decrease compared to September 2023. Sales of apartment homes reached 1,044 in October 2023, a 4.9 per cent increase compared to the 995 sales in October 2022.

The benchmark price of an apartment home is $770,200. This represents a 6.4 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023. Attached home sales in October 2023 totalled 356, a 6.6 per cent increase compared to the 334 sales in October 2022.

The benchmark price of a townhouse is $1,100,500. This represents a 6 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

For more details and stats CLICK HERE

SURREY, BC – Property sales and new listings in the Fraser Valley fell again in October as consumers
continued to put home buying and selling decisions on hold in the face of elevated interest rates.
The Fraser Valley Real Estate Board recorded 970 transactions on its Multiple Listing Service® (MLS®) in
October, a drop of 12 per cent from the previous month and the fourth consecutive decrease since the 12-
month high of 1,935 sales recorded in June.
At 2,535, new listings also fell again, decreasing by 11 per cent from September and by 28 per cent since
peaking in May at 3,533.
“What we’re seeing in the Fraser Valley and indeed across the province is the impact of sustained high
interest rates on the overall market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “This
has been the case since the latter half of the year so far, and we anticipate the trend will continue until we
start to see some downward movement in the policy rate.”
Active listings in October were 6,580, up by less than 1 per cent over last month and up by 17 per cent over
October 2022. The sales-to-active listings ratio was 15 per cent, creating balanced conditions in the overall
market, with detached houses dipping into buyers’ market territory at 12 per cent. The market is
considered balanced when the ratio is between 12 per cent and 20 per cent.
“As the market continues to adjust to the new rate realities, pricing and financing strategies become
critical,” said FVREB CEO, Baldev Gill. “A knowledgeable professional REALTOR®, armed with the latest
comparative market data and neighbourhood insights, can be the key to determining optimal market
timing.”
Overall benchmark prices continued to slide for the third month in a row, losing 1.4 per cent compared to
September. See below for price changes by housing category.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,503,300, the Benchmark price for an FVREB single-family detached
home decreased 1.5 per cent compared to September 2023 and increased 4.8 per cent compared
to October 2022.
• Townhomes: At $845,300, the Benchmark price for an FVREB townhome decreased 0.4 per cent
compared to September 2023 and increased 4.7 per cent compared to October 2022.
• Apartments: At $545,400, the Benchmark price for an FVREB apartment/condo decreased 0.1 per
cent compared to September 2023 and increased 3.7 per cent compared to October 2022

For more stats and details,  CLICK HERE

Fraser Valley market balanced, as demand softens and prices edge lower SURREY, BC – Continued slowing sales and a healthy rise in new listings in September has brought the Fraser Valley housing market into balance. Three months of declining sales has seen Benchmark prices dip for a second straight month.

The Fraser Valley Real Estate Board recorded 1,100 sales on its Multiple Listing Service® (MLS®) in September 2023, a decrease of 13.6 per cent compared to August. Sales were up 22.6 per cent compared to September 2022. New listings rose to 2,860 in September, an increase of 9.1 per cent over last month, and 25.8 per cent above this time last year. Active listings have been rising since last December and grew again in September by 3.8 per cent to 6,532, 3.5 per cent below the ten-year average.

“With inventory levels continuing on a slow and steady rise, together with slow sales, what we are seeing is a more balanced market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “If this trend continues, increased new listings will help to maintain a balanced market, giving buyers greater choice.” The market for detached homes softened again in September, with a sales-to-active listings ratio of 14 per cent, down from 16 per cent in August. Demand for townhomes and apartments remained stronger (31 per cent and 25 per cent, respectively). The overall sales-to-active listing ratio is at 17 per cent, representing a balanced market. The market is considered balanced when the sales-to-active-listings ratio is between 12 per cent and 20 per cent.

Benchmark prices in the Fraser Valley dipped compared to last month with losses of less than one per cent across all property types. “With interest rate uncertainty still in play, September sales were slower than the trends for this time of year,” said FVREB CEO, Baldev Gill. “Market activity and prices can vary from neighbourhood to neighbourhood, so consulting your REALTOR® will be a vital step for buyers and sellers who need expert guidance and advice to navigate local market conditions.” On average properties spent a minimum of three weeks on the market before selling, with townhomes and apartments moving faster (23 and 24 days, respectively) than detached homes (29 days).

MLS® HPI Benchmark Price Activity • Single Family Detached: At $1,526,000, the Benchmark price for an FVREB single-family detached home decreased 0.6 per cent compared to August 2023 and increased 4.6 per cent compared to September 2022. • Townhomes: At $848,600, the Benchmark price for an FVREB townhome increased 0.3 per cent compared to August 2023 and increased 3.5 per cent compared to September 2022. • Apartments: At $545,900, the Benchmark price for an FVREB apartment/condo decreased 1.4 per cent compared to August 2023 and increased 3.4 per cent compared to September 2022.

For more details CLICK HERE.

VANCOUVER, BC – October 4, 2023 – The month-over-month price gains seen earlier this
year abated in the Metro Vancouver housing market in September due to a seasonal decline in
sales and a modest increase in inventory levels across the region.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales 
in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614).

“A key dynamic that 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,” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”

There were 5,446 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in September 2023. This represents a
28.4 per cent increase compared to the 4,243 homes listed in September 2022.
This was 5.2 per cent above the 10-year seasonal average (5,179).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
11,382, a 9.2 per cent increase compared to September 2022 (10,427). This was 6.2 per cent
below the 10-year seasonal average (12,136).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for
September 2023 is 17.7 per cent. By property type, the ratio is 12.6 per cent for detached homes,
21.6 per cent for townhomes, and 21.3 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio

dips below 12 per cent for a sustained period, while home prices often experience upward
pressure when it surpasses 20 per cent over several months.

“In contrast to the spring and summer, the September data suggests there may be a renewed
interest on the part of sellers to participate in the market, with new listing activity rising back in
line with long-term historical averages. This upward shift in new listings has allowed overall
inventory levels to recover modestly from the low levels we saw earlier this year,” Lis said.
“When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a
result of seasonal patterns, the outcome is more balanced market conditions overall.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,203,300. This represents a 4.4 per cent increase over September 2022
and a 0.4 per cent decrease compared to August 2023.

Sales of detached homes in September 2023 reached 572, a 7.5 per cent increase from the 532
detached sales recorded in September 2022. The benchmark price for a detached home is
$2,017,100. This represents a 5.8 per cent increase from September 2022 and a 0.1 per cent
decrease compared to August 2023.

Sales of apartment homes reached 988 in September 2023, an 11.3 per cent increase compared to
the 888 sales in September 2022. The benchmark price of an apartment home is $768,500. This
represents a 5.8 per cent increase from September 2022 and a 0.2 per cent decrease compared to
August 2023.

Attached home sales in September 2023 totalled 352, a 28.5 per cent increase compared to the
274 sales in September 2022. The benchmark price of an attached home is $1,098,400. This
represents a 5.3 per cent increase from September 2022 and a 0.5 per cent decrease compared to
August 2023.

For more stats and neighbourhood details CLICK HERE.

SURREY, BC – A combination of seasonal trends and cautious anticipation of the next rate announcement saw the Fraser Valley real estate market slow in August as sales fell slightly for the second month, after reaching a 15-month high in June.

The Fraser Valley Real Estate Board recorded 1,273 sales on its Multiple Listing Service (MLS®) in August 2023, a decrease of 6.9 per cent compared to July. Sales were up 25.2 per cent compared to August 2022. New listings dropped to 2,622 in August, a decrease of 8.2 per cent over last month, but 28.2 per cent above this time last year. Active listings have been rising since last December and grew again in August by 1.5 per cent to 6,291, just 7 per cent off the ten-year average.

“Many buyers are in “watchful waiting” mode as they hold off on decisions in anticipation of potential further rate changes,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices relatively stable and active inventory on the rise, we hope to see more new listings come on stream over the next couple of months, especially if rates hold steady.”

With a sales-to-active-listings ratio of 16 per cent, the market for detached homes was balanced between supply and demand. Demand for townhomes and apartments remained stronger (38 per cent and 32 per cent, respectively). The market is considered balanced when the sales-to-active-listings ratio is between 12 per cent and 20 per cent. Benchmark prices in the Fraser Valley, remained relatively unchanged compared to last month with gains of less than one per cent across all property types.

“We expect to see market activity pick up heading into the fall months,” said FVREB CEO, Baldev Gill. “That said, with the uncertainty surrounding interest rates as well as the potential impact of provincial housing strategy initiatives, buyers and sellers would be well-advised to consult with a professional REALTOR® to assess any risks and opportunities before making a decision.”

On average properties spent between two and four weeks on the market before selling, with townhomes and apartments moving faster (16 and 20 days, respectively) than detached homes (25 days).

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,534,500, the Benchmark price for an FVREB single-family detached home decreased 0.6 per cent compared to July 2023 and increased 1.6 per cent compared to August 2022.

• Townhomes: At $846,200, the Benchmark price for an FVREB townhome decreased 0.5 per cent compared to July 2023 and increased 0.9 per cent compared to August 2022.

• Apartments: At $553,500, the Benchmark price for an FVREB apartment/condo decreased 0.4 per cent compared to July 2023 and increased 2.5 per cent compared to August 2022.

Get more stats HERE.

Seasonal slowdown brings price stability to Metro Vancouver

As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663).

“It’s been an interesting spring and summer market, to say the least” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”

There were 3,943 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2023. This represents an 18.1 per cent increase compared to the 3,340 homes listed in August 2022. This was 5.3 per cent below the 10-year seasonal average (4,164).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,082, a 0.2 per cent decrease compared to August 2022 (10,099). This was 13.4 per cent below the 10-year seasonal average (11,647).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2023 is 23.9 per cent. By property type, the ratio is 14.2 per cent for detached homes, 30.3 per cent for townhomes, and 31.9 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels,” Lis said. “As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,208,400. This represents a 2.5 per cent increase over August 2022 and a 0.2 per cent decrease compared to July 2023.

Sales of detached homes in August 2023 reached 591, a 13.2 per cent increase from the 522 detached sales recorded in August 2022. The benchmark price for a detached home is $2,018,500. This represents a 3.3 per cent increase from August 2022 and a 0.3 per cent increase compared to July 2023.

Sales of apartment homes reached 1,270 in August 2023, a 27.4 per cent increase compared to the 997 sales in August 2022. The benchmark price of an apartment home is $770,000. This represents a 4.4 per cent increase from August 2022 and a 0.2 per cent decrease compared to July 2023.

Attached home sales in August 2023 totalled 422, an 18.9 per cent increase compared to the 355 sales in August 2022. The benchmark price of an attached home is $1,103,900. This represents a 3.9 per cent increase from August 2022 and a 0.1 per cent decrease compared to July 2023.

Download the August 2023 stats package HERE

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