As the summer comes to an end, the Metro Vancouver housing market is experiencing the impact of increased borrowing costs. Price gains are starting to cool down and sales are slowing down, following the seasonal pattern in a predictable manner.
“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.”Andrew Lis, REBGV director of economics and data analytics
In August 2023, the Metro Vancouver area witnessed a surge of 3,943 newly listed properties on the Multiple Listing Service® (MLS®). These properties, ranging from detached houses to apartments, experienced an impressive 18.1% increase compared to the 3,340 homes listed in August 2022. Despite this promising growth, the number fell slightly short, by 5.3%, of the 10-year seasonal average of 4,164.