{"id":3458,"date":"2023-08-02T16:20:27","date_gmt":"2023-08-02T16:20:27","guid":{"rendered":"https:\/\/www.chrisbrownrealestate.ca\/blog\/?p=3458"},"modified":"2023-08-02T16:24:07","modified_gmt":"2023-08-02T16:24:07","slug":"market-update-july-2023","status":"publish","type":"post","link":"https:\/\/www.chrisbrownrealestate.ca\/blog\/market-update-july-2023\/","title":{"rendered":"Strong sales push Metro Vancouver home prices past the rate hike in July"},"content":{"rendered":"

\"\"<\/p>\n

Market Update – July 2023 from the Real Estate Board of Greater Vancouver<\/p>\n

Home prices across all home types in Metro Vancouver\u00a0rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region.<\/p>\n

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales\u00a0in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).<\/p>\n

\u201cWhile sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,\u201d Andrew Lis, REBGV\u2019s director of economics and data analytics said. \u201cLooking under the hood of these figures, it\u2019s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their \u2018super-sized\u2019 increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.\u201d<\/p>\n

\u201cWhat\u2019s interesting to see in the current market environment is that, while the Bank of Canada rate hike this July was only a quarter of a per cent, mortgage rates are now at the highest levels we\u2019ve seen in Canada in over ten years,\u201d Lis said. \u201cYet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers\u2019 ability to adapt to and qualify for higher borrowing costs.\u201d<\/p>\n

The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,210,700. This represents a 0.5 per cent increase over July 2022 and a 0.6 per cent increase compared to June 2023.<\/p>\n

For more information on this news release or to download the complete market update package, click here: Download the July\u00a02023\u00a0stats package.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cYet despite borrowing costs being even higher than last July, sales activity surpassed the levels we saw last year, which I think says a lot about the strength of demand in our market and buyers\u2019 ability to adapt to and qualify for higher borrowing costs.\u201d\u00a0<\/p>\n","protected":false},"author":2,"featured_media":3459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[59],"tags":[],"class_list":["post-3458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update"],"_links":{"self":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3458"}],"collection":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/comments?post=3458"}],"version-history":[{"count":3,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3458\/revisions"}],"predecessor-version":[{"id":3463,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3458\/revisions\/3463"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media\/3459"}],"wp:attachment":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media?parent=3458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/categories?post=3458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/tags?post=3458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}