OVERVIEW OF THE REAL ESTATE MARKET IN MAY 2023
The real estate market in Metro Vancouver has been experiencing a resurgence, with prices steadily increasing for six consecutive months. While the year started off slower than usual, the arrival of summer seems to have brought about a renewed interest in the housing market. This uptick in activity suggests a heating up of the market in the region.
Rising housing prices over an extended period can be indicative of various factors such as increased demand, limited housing supply, or favorable economic conditions. It's important to note that the specific reasons behind this trend may vary and can involve a combination of factors.
As of the current data, the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,188,000. This figure reflects a decrease of 5.6 percent compared to May 2022. However, it also indicates a 1.3 percent increase when compared to April 2023.
In May 2023, the sales of detached homes in Metro Vancouver reached 1,043, which represents a substantial increase of 30.7 percent compared to May 2022 when there were 798 detached home sales. The benchmark price for a detached home in May 2023 was $1,953,600. This figure indicates a decrease of 6.7 percent compared to May 2022 but shows a slight increase of 1.8 percent when compared to April 2023.
For apartment homes, there were 1,730 sales in May 2023, demonstrating a 7.9 percent increase compared to the 1,604 sales recorded in May 2022. The benchmark price of an apartment home in May 2023 was $760,800, which signifies a two percent decrease from May 2022. However, it indicates a 1.1 percent increase compared to April 2023.
Regarding attached homes, there were 608 sales in May 2023, reflecting a 16.7 percent increase compared to the 521 sales in May 2022. The benchmark price of an attached home in May 2023 was $1,083,000. This figure represents a decrease of 4.7 percent compared to May 2022 but shows a slight increase of 0.2 percent when compared to April 2023.
Here's a summary of the May 2023 housing market statistics:
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