Monthly Real Estate Market Report – July 2023

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

“While 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. Looking under the hood of these figures, it’s 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 ‘super-sized’ 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.”

Andrew Lis, REBGV director of economics and data analytics