As summer comes to an end, the market often sees a cooling effect, with both price gains and sales slowing down. This pattern can be attributed to factors like families settling in before the start of the school year and people generally being more focused on vacations and leisure during the summer months.
In addition, the higher borrowing costs likely pertains to rising mortgage interest rates. When interest rates increase, it can make borrowing more expensive for potential homebuyers. This, in turn, can lead to decreased demand, which can contribute to a slowdown in both price growth and sales activity.
New Listings: In August 2023, there were 3,943 new properties listed for sale on the MLS®. These properties encompassed detached houses, attached homes, and apartments.
Year-Over-Year Comparison: Compared to August 2022, there was an 18.1% increase in the number of new listings. This suggests that more properties became available for sale in August 2023 than in the same month the previous year.
These statistics reflect changing dynamics in the Metro Vancouver real estate market. An increase in new listings can provide buyers with more options and potentially ease some of the competitive pressures seen in markets with low inventory.
Detached Home Sales: In August 2023, there were 591 sales of detached homes. This figure represents a 13.2% increase compared to August 2022 when 522 detached home sales were recorded. The benchmark price for a detached home in Metro Vancouver was $2,018,500 in August 2023.
Apartment Home Sales: In August 2023, there were 1,270 sales of apartment homes. This figure represents a substantial 27.4% increase compared to August 2022 when there were 997 apartment home sales. The benchmark price for an apartment home in Metro Vancouver was $770,000 in August 2023.
Attached Home Sales: In August 2023, there were 422 sales of attached homes. This figure represents an 18.9% increase compared to August 2022 when there were 355 attached home sales. The benchmark price for an attached home in Metro Vancouver was $1,103,900 in August 2023.
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