Market Update

The prices of homes across all home types in Metro Vancouver rose yet again in July; as strong sales meet the tides of low inventory.

Metro Vancouver’s real estate market got off to a slower than usual start, but has since heated up and has experienced a price increase for the 6th month in a row.

Due to the sheer lack of numbers in listings that remain lower than the typical seasonal norms for Metro Vancouver it has caused the pricing to raise as the number of sales is rising to the same levels of last spring; prior to the 8 interest rate increases that had slowed down the sales activity and reduced purchasers buying power.

Metro Vancouver saw a slight increase to the prices, while listings continue to be below the 10-year averages and data shows that transaction numbers have been higher than anticipated this spring while still experiencing elevated borrowing costs.

The latest data on housing listings in February reveals that there is a persistent hesitance among potential home sellers to participate in the Metro Vancouver housing market. This has resulted in below-average sales activity that remains significantly lower than the historical norms. In reflection of this, the number of homes available for sale in...