VANCOUVER WEST AUGUST HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reflects on how the 2023 Real Estate market ran counter to predictions of a slowdown for some time by showing strong sales and price gains. However with summer winding down the effects of high borrowing costs seem to have finally impeded the hyper activity and we are likely entering a time of a more normal seasonal pattern. Sales of all residential properties in Metro Vancouver this August rise 21.4 percent compared to last August. The composite value of all properties is 2.5 percent higher August to August. Newly listed properties last month are 18.1 percent better than the previous August and total inventory of listed properties increases 0.2 percent year to year.
The graph shows the average Metro Vancouver price for detached properties boosted by 8.8 percent from July to August. The benchmark price for houses in August 2023 is 3.3 percent better than the previous August. Year to year the volume of detached home sales rises 13.2 percent.
Last month versus August 2022, Vancouver west detached prices are up 4.5 percent. West side house sales increase 21 percent year to year. This August, inventory is 9.6 percent below the previous August.
From July to August west side house sales are at par. Month to month detached inventory falls 19.4 percent.