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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...

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Welcome to the Greater Vancouver Monthly Statistics Report. This report provides a comprehensive overview of key indicators and trends in the Greater Vancouver area. Whether you're a resident, business owner, or just curious about the local economy, we've got you covered.

Greater Vancouver Monthly Summary

The Greater Vancouver housing market continues to exhibit robust activity as of July 2023. In the most recent data, the average home price surged by 8.5% compared to the previous month, setting a new record high at $1.25 million. This remarkable increase is influenced by persistent demand and constrained supply. The scarcity of available housing options, coupled with rising interest rates, has led to a marginal decline in home sales. Particularly noteworthy is the resilient demand for condos and townhouses, which remain an enticing prospect for first-time homebuyers in this competitive market.

Rental Market: The rental landscape in Greater Vancouver remains intensely competitive, showcasing a dynamic environment in July 2023. The average monthly rent for a one-bedroom apartment further ascended, escalating by 7% to reach $1,900. This escalation is driven by a growing population and a limited availability of affordable rentals. Prospective tenants are advised to commence their search well ahead of time and brace themselves for potential bidding wars, as the demand for rental properties persists.

Employment: The job market in Greater Vancouver remains on an encouraging trajectory as of July 2023. The unemployment rate has receded to an impressive 4.3%, demonstrating a substantial recovery from the economic setbacks of the pandemic. Spearheading this recuperation are the technology, healthcare, and construction sectors, which are experiencing notable job growth. As businesses progressively reopen and expand their operations, the outlook for job seekers is anticipated to further improve.

Tourism and Hospitality: The tourism and hospitality sector in Greater Vancouver is gradually rebounding from the repercussions of the COVID-19 pandemic, evident in the latest data available from July 2023. With the relaxation of travel restrictions, hotels and attractions are observing an upswing in bookings. The hotel occupancy rate for the month reached a commendable 75%, underscoring significant progress compared to earlier months. Despite these advancements, the industry remains confronted with challenges, including labor shortages and ongoing uncertainties associated with international travel.

Retail and Consumer Spending: Retail sales in the Greater Vancouver region continue their upward trajectory, propelled by burgeoning consumer confidence. July witnessed a 6% surge in retail sales, bolstered by robust performances in sectors such as apparel, electronics, and home improvement. The digital shopping trend persists, with e-commerce sales contributing significantly to overall retail figures. Local businesses are proactively adapting by amplifying their online presence and providing expedient delivery alternatives.

Transportation: Transportation infrastructure continues to be a focal point in Greater Vancouver, as evident in the latest developments through July 2023. Notable enhancements are observed in the public transit system, including the expansion of bus routes and the integration of electric buses. Progress in the construction of the Broadway Subway Line is underway, promising heightened connectivity between Vancouver and neighboring municipalities. Concurrently, efforts to advocate cycling and walking as sustainable modes of transportation are gaining momentum.

Sustainability: The commitment to sustainability and environmental consciousness remains resolute in Greater Vancouver. As of July 2023, initiatives aimed at waste reduction, energy conservation, and the promotion of electric vehicles persist. The completion of additional electric vehicle charging stations in the month exemplifies support for the burgeoning adoption of electric vehicles within the region.

Conclusion: July marks another month of promising developments for the Greater Vancouver area in 2023. The housing market continues its vigorous pace, navigating supply limitations, while the job market maintains its recovery momentum. Progress in the tourism and hospitality sector is evident, accompanied by a healthy uptick in consumer spending. Ongoing efforts to augment transportation infrastructure and foster sustainability remain at the forefront.

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