Metro Vancouver Housing Update – August 2023

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If you’re feeling like summer went ahead and flew by, you wouldn’t be the only one. As the season winds to a close, the Metro Vancouver residential market* follows along its typical seasonal pattern where we begin to see sales starting to slow.


Residential Home Sales

The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales^ in the region totalled 2,296 last month, up 21.4% from the 1,892 sales recorded in the same month last year. Still, this figure sits 13.8% below the 10-year seasonal average of 2,663.

Andrew Lis, Director of Economics and Data Analytics at the REBGV commented on last month’s housing trends by saying, “It’s been an interesting spring and summer market, to say the least. 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.”



Throughout the month of August, there were 3,943 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) across Metro Vancouver. This represents an 18.1% increase compared to the 3,340 homes listed back in August of 2022. This figure was 5.3% below the 10-year seasonal average (4,164).

Looking at the total number of homes currently listed for sale on the MLS® system across the region, there were 10,082 recorded. This is a small 0.2% dip compared to one year ago in August 2022 which saw 10,099 recorded, however 13.4% less than the 10-year seasonal average.


Sales-to-Active Listings Ratio and Composite Benchmark Price

Across all detached, attached and apartment property types the sales-to-active listings ratio for August was 23.9%. By property type, the ratio came out as:

  • Detached: 14.2%
  • Townhomes: 30.3%
  • Apartments: 31.9%

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

Lis from the REBGV goes on to add, “It’s a bit of a tortoise and hare story this year, with sales starting the year slowly while prices increased due to low inventory levels. As fall approaches, sales have caught up with the price gains, but both metrics are now slowing to a pace that is more in-line with historical seasonal patterns, and with what one might expect given that borrowing costs are where they are.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,208,400. This represents a 2.5% increase over August 2022 and a 0.2% decrease compared to July earlier this year.


Metro Vancouver Home Sales by Property Type

Detached Homes

Sales of detached homes last month reached 591. That’s a 13.2% increase from the 522 detached sales recorded back in August one year earlier. The benchmark price for a detached home is $2,018,500. This represents a 3.3% increase from August last year and a 0.3% increase compared to July just been.

Apartment Homes

Sales of apartment homes reached 1,270 this August – 27.4% more than the 997 sales in the same month last year. The benchmark price of an apartment home is $770,000. This represents a 4.4% rise from August 2022 but a small 0.2% drop compared to July earlier this year.

Attached Homes

Attached home sales last month totalled 422. This came out to be an 18.9% increase compared to the 355 sales recorded in the same month last year. The benchmark price of an attached home is $1,103,900. This represents a 3.9% increase from August 2022, although a 0.1% dip compared to July just been.


If you would like some more information on current market activity or to talk to an expert agent about buying or selling your home, reach out to one of our Stilhavn Realtors® today.


All stats are courtesy of the Real Estate Board of Greater Vancouver (REBGV).
*Areas covered include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
^The REBGV is now including multifamily and land sales and listings in this monthly report. Previously, they only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly 1-2% of total MLS® activity per month, are being included for completeness in their reporting.