In August, the sales and listings activity for detached homes on the Westside remained below the long-term averages. Compared to the 10-year average, the supply of detached homes decreased by 15%, while apartments increased by 14%, and townhomes increased by 16%.
Similarly, the demand for properties on the Westside also saw a decline when compared to the 10-year average. The demand for detached homes decreased by 15%, apartments decreased by 12%, and townhomes decreased by 17%.
As for the median home prices, In August, detached home prices were up by 10% from their peak in October 2017, to record a new record high. Apartment prices decreased by 5.6% from their peak in January 2018, and attached home prices declined by 16.8% from their peak in February 2022.
In August, residential property sales in the Greater Vancouver region showed a significant increase of 21.4%, reaching 2,296 sales compared to 1,892 sales in August 2022. However, this is still 13.8% below the 10-year August sales average.
The benchmark price for all residential properties in Metro Vancouver rose by 2.5% from August 2022, reaching $1,208,400, and showing a 0.2% increase from the previous month.
The number of properties currently available for sale on the MLS system in Metro Vancouver decreased by .2% compared to August 2022, with a total of 10,082 listings. This figure is still 13.4% below the 10-year seasonal average of 11,647 listings.
Despite the incremental improvements in supply & prices compared to last year the current market is still below the 10-year averages.
We still have the highest interest rates in 10 years. However, the low inventory levels are creating competitive conditions, leading to price increases as demand remains steady.
Andrew Lis, REBGV's director of economics and data analytics, suggests that as the fall approaches, sales have caught up with price gains but both metrics are slowing to what one might expect given the cost of borrowing.
Have a great autumn! 🍂🧣🧦🍁🥧
Stay safe and healthy.