Home Prices Continue To Rise in Metro Vancouver’s Housing Market To Kick Off The summer
July 05, 2023
Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver 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 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.”
There were 5,348 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per cent increase compared to the 5,278 homes listed in June 2022. This was 3.1 per cent below the 10-year seasonal average (5,518).
Beedie Unveils Fraser Mills Master-Planned Community in South Coquitlam
By Rob MacDougall, June 12, 2023
Located along the banks of the Fraser River in South Coquitlam, Fraser Mills will be the city’s first and only waterfront community. When complete, this 96-acre neighbourhood will be home to a collection of residences, restaurants, shops, extensive green space, plazas, and an aquatic and community centre. As a new landmark in the region, Fraser Mills will shape the future of Coquitlam and become a legacy milestone community for Beedie.
Beedie’s integrated team has envisioned a community in the spirit of the working river it runs alongside. Fraser Mills will celebrate the historic and cultural significance of the village that was built around the thriving sawmill. Masterplan partnerships include the City of Coquitlam, TransLink, Perkins & Will, Perry + Associates, and Bunt & Associates.
“WE ARE INCREDIBLY EXCITED TO BRING FRASER MILLS TO LIFE. AS COQUITLAM’S FIRST AND ONLY WATERFRONT COMMUNITY, THE PRIME LOCATION ON THE RIVER OFFERS A VIBRANT MIX OF HOMES, WORKPLACES, AND PUBLIC SPACES THAT CATER TO EVERY STAGE OF LIFE.”
– RYAN BEEDIE, PRESIDENT.
Competition Heats Up Among Buyers As Summer Arrives
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.
Sales
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).
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B.C. strata changes: Boomerang kids allowed in 55-plus strata buildings
Government increases exemptions for those living in 55 and over condos
Author of the article:
David Carrigg, Published May 01, 2023 •
PHOTO BY MONKEYBUSINESSIMAGES /Getty Images/iStockphoto
Last November, the B.C. NDP banned all rental restriction bylaws in strata agreements — except for over-55 strata buildings.
As a result, hundreds of strata properties adopted the 55-plus age restriction.
Prices Continue Rising As Home Buyer Confidence Returns
VANCOUVER, BC – May 2, 2023
With listing activity remaining below historical norms, home sales in Metro Vancouver 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 2,741 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).
“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”
Spring Brings Renewed Price Growth Across Metro Vancouver’s Housing Market While New Listings Remain Dormant
VANCOUVER, BC – April 3, 2023
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.
Below Average Home Sales Allow Inventory To Inch Upwards
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.
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Home Sales Decline Below Long-Term Averages and Inventory Remains Low To Start 2023
Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.
Last month’s sales were 42.9 per cent below the 10-year January sales average.
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Rising Mortgage Rates Brought Uncertainty & Caution To Metro Vancouver’s Housing Market in 2022
After seeing record sales and prices during the pandemic, Metro Vancouver’s* housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3 per cent decrease from the 43,999 sales recorded in 2021, and a 6.6 per cent decrease from the 30,944 homes sold in 2020.
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Home Sale and Listing Activity Continue Trending Below Long-Term Averages In November
While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,614 in November 2022, a 52.9 per cent decrease from the 3,428 sales recorded in November 2021, and a 15.2 per cent decrease from the 1,903 homes sold in October 2022.
Last month’s sales were 36.9 per cent below the 10-year November sales average.
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