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Vancouver home sales rose nearly 30 percent in July and prices rose across the board as the market continued to recover despite higher mortgage costs.
According to data from the Real Estate Board of Greater Vancouver (REBGV), residential home sales in the region reached 2,455 for the month, up 28.9 percent from July 2022’s 1,904 units. Still, sales remained 15.6 percent below the ten-year seasonal average.
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The MLS Home Price Index composite reference price for all residential homes also rose to $1,210,700, up 0.5 percent year-on-year and 0.6 percent from June 2023. Single-family homes, which have a reference price of $2,012,900 -dollars, recorded a significant increase in sales. with 681 units sold, an increase of 28.7 percent over the previous year.
The price and sales increases were due to inventories remaining below the previous year’s level. The total number of homes currently for sale in the MLS system is 10,301, down four percent from July 2022. However, the number of newly advertised houses increased by 17 percent to 4,649 units.
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Andrew Lis, REBGV director of economics and data analysis, partially attributed the strong year-on-year gains to subdued market activity last July.
“By examining these numbers, it’s easy to see why sales are showing such a large percentage increase year-over-year,” Lis said in the Aug. 2 press release. “Last July, the Bank of Canada announced its ‘outsize’ hike in interest rates by a full percent, catching buyers and sellers off guard and cooling market activity at the time.”
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