Highlights of the Dexter Mid-Year 2023 Report
Overall housing sales were 194% higher in June compared to January
Composite home benchmark price is up 8% from the start of the year
Record high prices are being seen in suburban markets
Investors pile in as condo prices are nearing record highs
Vancouver’s benchmark home price is now higher than New York City
Fraser Valley housing sales are up 51.1% from June 2022
The first six months of 2023 proved a thrill ride for Metro Vancouver home buyers and sellers, who switched reins at least three times and still managed to post a surprising pace of real estate transactions, with June sales up 194% from January 2023.
As sales and prices increased, 5,466 new listings joined the action. There were 9,990 properties for sale as June ended, the highest increase month-over-month since earlier in 2022. It was still not enough to satisfy June demand as nearly 3,000 homes were sold. We are still seeing multiple offers at a pace indicative of a true seller’s market. Despite back-to-back months of higher listings, the low inventory keeps buyers competing in most markets, even detached houses in some areas.
In June, the Bank of Canada threw up another interest rate hike to slow the market, but buyers rode right over it. June’s 2,988 total home sales surpassed June 2022 and both sales and prices blew past projections.
“The market continues to outperform expectations across all segments,” said Andrew Lis, REBGV’s director of economics and data analytics.
As they say, what a ride.
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