*Update* If you’re looking for JULY’S stats updates please click below!
(The August E-Newsletter delivered last month’s introduction and one incorrect link to the past month)
Home values rose again across property types for the 5th straight month as the market continues to recover despite the return to rising interest rates. The speculation on the front lines may be that many buyers are looking to purchase before their rate hold expires. Anecdotally, we’ve seen a number of buyers who are willing to jump in at a higher price if it means getting their approved mortgage rate that pre-dates the most recent interest rate hike. It isn’t just the monthly payment that is a factor: each interest rate hike comes with a significant effect on purchasing power. If you don’t lock in a rate and need to be approved after another interest rate hike, not only will that cost be higher, but the amount you’ll be approved for is higher. Sellers, in the meantime, are enjoying the slow steady climb of their home values. For my full city by city reviews, see below!
Below: Market Reports for… (click to jump)
REGIONAL – GREATER VANCOUVER
The Real Estate Board of Greater Vancouver (REBGV) represents the municipalities closest to, and including, the City of Vancouver. This includes cities like Richmond, Burnaby, and Coquitlam, as well as farther Sechelt & Maple Ridge. Among all housing types, the Vancouver board posted Home Price Index (HPI) Benchmark home values of $1.203m in June (-2.4% compared to June 2022), up +1.3% from $1,188,000 in May.
The typical detached Greater Vancouver home gained another $37,700 to come just shy of the $2m threshold at $1,991,300 (-3.2% cp June 2022). This is the highest price detach homes has been since July of last year. Sales, however, did fall for the first time in 4 months, dipping from 998 in May to 810 in June. Yet the number of active listings rose from 3,534 to 3,754, which is good news for buyers (21.7% sales to listing ratio).
Townhomes in the Greater Vancouver region rose up just over $15,000 in the last month to $1,098,900, which is just -1.0% below prices this time last year. The number of new listings remained steady just over 1,000 units, meanwhile sales fell slightly from 495 to 467. Overall, townhomes have remained a steady, strong market for sellers (46.6% sales to listing ratio), but prices appear to have levelled out.
The benchmark Greater Vancouver apartment received a slight bump of just under $7,000 to $767,000, which is actually a bit (+0.5%) more than this time last year. The highest benchmark price REBGV apartments has ever been is $776,400 in May of 2022. Just as the other two housing types, sales declined, but a bit more significantly, from 1,732 in May to 1,575 in June, which is still +18.9% greater than last June’s sales figures. The number of active listings, however, held steady, sitting at 3,895 at the end of the month, which is -16.8% compared to this time last year. Apartments remain in a strong sellers market at 40.4%.
REGIONAL – FRASER VALLEY
The Fraser Valley Real Estate Board represents the south of the Fraser Valley cities from North Delta in the west to Abbotsford in the east… plus Mission. The overall benchmark value among all housing types in June was $1,040,900 (-7.4% cp June 2022), up another $21k+ (+2.1%) from May’s $1,019,700. This continues the same trend I mentioned last month, with Fraser Valley homes continuing to gain on Greater Vancouver.
Since I cover most of the FVREB communities individually in the article below, I won’t break down statistics by housing types here. I will just mention the general trends that you will find throughout the Valley: (1) detached home prices continue to disproportionally increase, (2) unlike REBGV, sales increased in all housing types, and (3) the sales to listing ratio increased in all housing types are higher than REBGV figures.
Abbotsford detached homes experienced a significant +3.2% month over month jump in June, outpacing many cities in the rest of the region. In absolute dollars this represents a +$38,600 increase on the “typical” Abbotsford home, which is now valued at $1,245,400. For reference, the all time high for this same hypothetical home was $1,513,500 in March 2022 and the 12 month low was $1,045,400 in January 2023.
Sales hit a 12 month high at 99 deals in the month of June, up from 90 in May and a big jump (+70.7%) from last June. The number of new listings in June, 228, was similar to May, 233, so active listings jumped from 345 to 395. Therefore, the sales to active listing ratio actually declined slightly to 25.1%, which indicates a soft sellers market. The average days on market for a single family home sale was 22 days.
Abbotsford’s townhome market received a healthy bump (+2.5%) in June, with the benchmark townhome now at $641,200. This is still -16.5% below the benchmark townhome this time last year, so there is still some “catching up” to do, relative to both single family and apartment homes.
There were 66 townhome sales in June, which is +73.7% more than June 2022, but a slight decrease from May’s 74 sales. The number of new listings held steady with a small reduction from 92 in May to 87 in June, which is -16.3% less than June 2022. The total number of active listings at the end of June was 114, bringing the sales to active listings ratio to a strong sellers market of 57.9% (which is actually a decrease from May’s 66.7% ratio). The average days on market for a townhome sale was 19.
There was more positive news for Abbotsford apartment sellers in June than there has been in previous months. I’ve been noting that Abbotsford’s apartment market has struggled a bit even in the recent stronger market. However, June saw a +2.8% month over month price jump, bringing the benchmark price to $437,900 (-8.7% cp June 2022). The average price per square foot for an Abbotsford apartment was $461, which is the highest its been since July 2022.
The number of apartment sales in June, 104, was the highest amount since March 2022, up +100% compared to June 2022. With the number of active listing decreasing from 172 in May to 160 in June, the sales to listing ratio jumped from 54% to 65%, a very strong market for sellers right now. The average days on market shifted from 29 in May to 23 in June.
After a slow first quarter in 2023, Burnaby’s detached home market has been on fire. The benchmark value jumped another $50k in June alone, representing another +2.5% increase and sitting at $2,096,200 (-2.3% cp June 2022). Will Burnaby homes hit an all time high this summer or will potential interest rate hikes force a plateau?
There was, in fact, a significant decrease in Burnaby home sales from 90 in May to 64 in June. While this is still +25.5% more sales than last June, it is part of the overall slowdown in the Greater Vancouver market. The lack of sales led to an increase in the total inventory, from 212 in May to 240 in June, with a sales to listing ratio of 26.7%. While still considered a sellers market, its a fair distance from May’s hot 42.5%. The average days on market, however, also had a sharp reduction, from 29 in May to 18 in June. Anecdotal evidence suggests that sellers are pricing their properties to sell and they aren’t lasting long on the market.
Burnaby’s townhome market has been tepid at best this year. Although April had a bit of a bump and May only a slight cool down, it seems that June had the wind out from the sails. While the benchmark value still increased, it was only by $1,500 (less than +.2%), up to $937,700 (-4.1% cp June 2022).
Burnaby’s townhomes had a slight decrease in sales between May and June, going from 58 to 54. However, this was offset by a critical drop in new listings: there were 98 in May and only 67 in June. Therefore, the sales to listing ratio held steady at 54.5%. While this indicates a strong sellers market, the lack of growth in the benchmark prices might indicate that while homes on the market are likely to sell, and sell fast (average is 20 days), there is a tight limit to what buyers are willing to spend.
After a moderate increase in May, June was given only a nominal bump in the apartment benchmark value from $780,000 to $783,800, which is actually +1.8% over this time last year. More significantly, it’s actually the second highest month on record, ever, only behind May 2022’s record setting $785,900, before the market shifted. The average price per square foot for a Burnaby apartment is $971.
Similar to single family, Burnaby’s apartments also witnessed a significant decrease in sales between May and June, going from 298 to 257. The total number of listings went up slightly from 574 to 581 between the last two months, leading to a sales to listing ratio of 44.2%, down from 51.9%, remaining in strong sellers market territory. The average days on market was 21.
Chilliwack’s detached homes skyrocketed in June, experiencing the single greatest value increase in 2023 so far. The benchmark value is now sitting at $901,900, up 3.7% in a single month. This is still a massive -19.7% decrease from the insane February 2022 peak price of $1.124m, but it’s great news for homeowners and sellers, as that typical eastward movement seems to be taking affect.
However, despite these significant increases, sales have fallen off again. Chilliwack detached homes hit 213 sales in May, but have collapsed to 118. This is still over 50% more than the same month last year, but isn’t a positive trend for home sellers. The number of new listings adjusted slightly as well, from 326 to 283, leaving the inventory up a bit with 543 units (-35.8% cp June 2022). The sales to listing ratio is in a balanced market of 21.7% with the average days on market being 27.
The typical Chilliwack townhome is now valued at $607,700, a monthly increase of +1.2% , down -9.3% from this time last year, but up +7.8% since the start of 2023.
Sales throughout the Chilliwack district are down from 82 to 60, but still much better than June 2022’s feeble 43 deals. The number of new listings hitting the market is also down from 92 to 78, keeping the total inventory stable at 107 units. With the lack of sales, this has resulted the sales to listing ratio to go from a very high 74.5% to a slightly less high of 56.1%, still a strong sellers market. The average days on market is now down to 21.
Spring brought a number of pretty significant price jumps for Chilliwack apartments, but June witnessed a bit of a slowdown, with a nominal benchmark value increase of +0.6%, or $2,500 in real world dollars. The typical Chilliwack apartment is now $415,400. The average price per square foot is $480.
Sales fell in this market sector as well, from 48 in May to 34 in June, with the total active inventory holding steady at 173 units (up slightly from 170 at the end of May). The lack of sales has pushed the sales to listing ratio down from a sellers market of 28.7% in May to a balanced market of 19.7%, which explains the slower price increase. The average days on market is 27, down from 40 in May.
The benchmark value for the typical Coquitlam detached home went up another +1.8% from the previous month to $1,787,000. While this is only -3.1% below June 2022’s value, it’s a fair bit from the April 2022 peak of $1.94m.
Most of the Greater Vancouver region had less sales in June than May, so it’s no surprise that Coquitlam did as well. However, the decrease was pretty insignificant, from 90 to 84. Without much change in new listings, the total inventory remained consistent at 213 homes on the market. As expected, the sales to the listing ratio didn’t change much, just sliding under the 40% mark to 39.4%, representing a solid sellers market. The average days on market for sales is 17.
Coquitlam’s townhome market had a +1.5% month over month bump to $1,074,600, which is just -1.1% under the values of this time last year.
Sales were steady, down slightly from 51 in May to 49 in June. The total inventory level rose a bit from 92 to 97, resulting in a sales to listing ratio of 50.5%, a strong sellers market. The average days on market is among the lowest in the region, at 16.
The typical Coquitlam apartment bounced almost another $14k to $737,500, a +1.9% increase over the month, and now +0.6% over an above June 2022’s value. The record month last year was April, at $754,800. The current average price per square foot is $879.
Sales dropped a bit from 131 to 125, as did the number of new listings from 195 to 179. The sales to listing ratio shows a strong sellers market at 55.3.% and the average days on market is 22.
I’ve finally re-added City of Delta to my reports as I’ve finally figured out how to overcome some of the logistical/statistical difficulties there is with the city. As many people know, the City of Delta is the only municipality that is represented by two different real estate boards, carving it up between “North Delta” (in the FVREB) and “Ladner” and “Tsawwassen” (in REBGV). Due to this separation, there isn’t a combined MLS statistical dataset for Delta, a community of over 108,000 (2021 Census).
DELTA & TSAWWASSEN DETACHED HOMES
Single family homes in Delta experienced significant increases in June, as they have been since February. North Delta, which represents over half of the city’s detached home sales (52 of 95), has a benchmark value of $1,428,300 (-6.0% cp June 2022), which is $200k more than the benchmark value was in February of this year. Ladner, which saw 23 sales in June, has also seen its benchmark value increase by over $200k since February to $1,422,900 (-3.6% cp June 2022). The “typical” Tsawwassen detached home has had even greater increases since February’s 12-month low, gaining over $260k. The current benchmark value is now $1,596,700 (-5.6% cp June 2022), which is quickly catching up to the all time high of $1.739m, set in May 2022.
The total number of sales decreased from 110 in May to 95 in June. The city’s listing inventory held steady month over month (312 in June), with an increase in North Delta and Ladner and decrease in Tsawwassen. Despite the similar price gains in the three areas, the sales to listing ratios are quite different. Only 23% of single family homes in Tsawwassen sold, which places it as a “weak” sellers market. Meanwhile, North Delta saw 31% of its listings sell, while over 41% of Ladner’s inventory sold. The average days on market range from 17 to 26 days.
DELTA & TSAWWASSEN TOWNHOMES
A quick glance at the history of the benchmark value might strike some as interesting, as Tsawwassen’s prices were significantly greater before 2021 and have since converged with the rest of Delta. While I haven’t done a full analysis of the reasoning behind this, my hunch is that this is due to the very limited data available. June, for example, only had 19 total sales. The monthly average over the past 12 months is 17. Such a small dataset generally leads to problems in statistical interpretation. Due to the small market, I will not post a full review of Delta’s townhomes. However, I will mention that that at the end of the month, there were 52 total townhome listings. This gives us a combined sales to listing ratio of 36.5%, a moderate sellers market.
DELTA & TSAWWASSEN APARTMENTS
Delta’s apartment market suffers from the same statistical limitations mentioned in the townhome section above. There were a total of 24 sales in all three areas in June, down from 32 in May. At the end of the month, there were 67 total listings, which is the same as there were in May. When taken together, we can see that the combined sales to listing ratio declined between May and June, from 47.7% to 35.8% – still a moderate sellers market. Ladner’s very small apartment market continues to be one of the hottest in the region. The average price per square foot ranges from $641 to 749, depending on the area.
The “typical” Langley homes has jumped another +$36,500 to $1,611,500 (+2.5%) in June, which is still -10% below the values of last June. This value, however, represents a +10.4% increase over the last 5 months.
Sales continue to spike in spite of the last interest rate hike, from 111 in May to 163 in June, a massive +159% difference from last June. The number of new listings actually declined from 254 to 238 resulting in a total inventory of 331 at the end of the month. The sales to listing ratio has risen sharply to 49.2%, representing a strong sellers market. The average days on market remains at 15, just like last month.
Townhomes experienced similar price increases, with the benchmark value up +2.5% to $840,300. This value is also still -9.8% below last June’s value. However, this is a +6.2% increase in just the last 3 months.
Langley sales had a slight increase from 93 to 107, while the total number of listings dipped from 137 to 131, resulting in a huge 81.7% sales to listing ratio for the month, indicating an extremely strong sellers market. The average days on market also shows the high demand, with just 11 days.
The benchmark Langley apartment was rewarded with a $21K+ increase, crossing the $600k threshold and hitting $605,300, the highest value we’ve seen since last August. It’s still -4.7% below this time last year, but this +3.6% jump is giving apartment owners some positive news. The average price per square foot for a Langley apartment is $700. The two biggest apartment markets in the area range from $633 in Langley City to $761 in Willoughby.
Sales, however, did decline a bit from 149 to 133, but so did new listings, from 201 to 179. The sales to active listing ratio remains a very solid 59.9%, a strong sellers market. The averages days on market is 20.
Maple Ridge single family homes values had another bump, albeit nowhere near as substantial as we saw in May. The +1.8% increase brings the typical detached home to $1,284,200. This is -6.9% compared to June 2022, but +11% since January 2023.
The total number of sales dropped from 98 in May to 79 in June, a +43.6% improvement over last June though. The total number of available single family homes increased from 286 to 316 over the month’s end. The sales to listing ratio declined from 34.3% to 25%. While still considered a sellers market, there is a bit more leverage out there for buyers. Sellers need to price their homes appropriate to capture attention. The average days on market is 22.
The townhome benchmark increased from $768,100 in May to $785,000 in June, showing a +2.2% increase in value, putting it -5.4% under the value this time last year.
Sales remain steady with 57 units, with a good increase to new inventory, from 65 to 81, leading to an overall inventory increase from 68 to 82. The sales to listing ratio is lower than May’s intense 80.9%, but still a strong sellers market at 69.5%. The average days on market for a Maple Ridge townhome is down to 14.
Maple Ridge apartments had almost no difference in values month over month, with a slight change from $532,200 in May to $532,600 in June. This value is -4.9% below this time last year, but a +6.6% increase since January 2023. The average price per square foot is $584, probably one of the most affordable in Greater Vancouver.
While there was 50 sales in May, there were also 53 sales in May, suggesting a steady trend. The number of new listings declined from 68 to 58, which had an affect on the overall inventory level being reduced from 109 to 92. Maple Ridge apartments have a sales to listing ratio of 57.6%. The average days on market is still up at 35.
New Westminster’s detached homes continue to shoot northward as another +2.9% increase was added to the benchmark value, now coming to $1,570,600. This is now +1.5% more than the values this time last despite higher interest rates. June 2023 is officially the 5th highest month on record for values, following the 4 peak months of February to May of 2022.
The number of sales fell dramatically from 30 in May to 19 in June. New listings were also hard to come by, with only 39 hitting the market, leaving the total inventory with 96 homes. Even so, the sales to listing ratio slid down to 19.8%, which is considered a balanced market. The average days on market is 34, although that doesn’t mean too much when its a calculation from just 19 sales.
Due to the rarity of townhomes in New Westminster, I will not provide a detailed analysis of this market segment. My graph above shows the benchmark price over time and I will provide links to statistics for those interested below:
The typical New Westminster apartment saw a slight nudge up (+1.0%) in the benchmark value to $653,400, which is +0.3% over the values from June 2022. The average price per square foot was $715 in June.
The number of sales dropped from 97 to 82, meanwhile the number of new listings was identical in both May and June (120). Therefore, the sales to listing ratio fell from 70.8% in May to 53.9%, a strong sellers markets. The average number of days on market in June was 15.
Last month, the real estate board made some an update to the HPI Benchmark so we don’t have access to the “City of Surrey Combined” dataset that I have previously used, which is unfortunate. The “Surrey” label that you see in my graphs here and what you usually find on most real estate websites is actually just one part of Surrey (it doesn’t include North Surrey neighbourhoods, Cloverdale, or South Surrey). Please don’t ask me why it is separated this way – it made sense to someone a long time ago. With that in mind, I will be diving a little bit into each of these distinct areas of Surrey (and the City of White Rock!).
With that as a caveat, let’s jump into it.
SURREY & WHITE ROCK DETACHED HOMES
Detached home values rose in all Surrey neighbourhoods, some quite substantially. The benchmark North Surrey home increased +3.6% in one month to $1,526,300. “Central” Surrey only increase +1.6% to $1,560,400 and Cloverdale had a +2.1% bump to $1,544,700. Meanwhile, the combined South Surrey/White Rock benchmark value went up another +2.7% to $1,966,800.
Sales held steady between May (302) and June (306), but active listings jumped up 1,249 to 1,344, resulting in a sales to listing ratio of 22.8%. This softening market is most pronounced in the suburban central Surrey neighbourhoods. The average days on market ranges from 14 (Cloverdale) to 31 (South Surrey/White Rock).
Surrey’s townhome market also experienced gains in each area, with some disparity between them. North Surrey posted a dramatic +3.8% in one month, with the benchmark value now at $790,300 (-0.6% cp June 2022). Central Surrey townhomes increased by 2.5% in June, now at $871,300 (-1.7% cp June 2022). Cloverdale received a +2.8% bump to $878,300 (-0.4% cp June 2022). Meanwhile, the typical South Surrey/White Rock townhome is now at $970,700 (-1.2% cp June 2022) after a smaller +1.0% monthly increase.
June had 284 townhome sales in Surrey compared to 252 in May. The total inventory at the end of June was 517, similar to the 510 at the end of May. The combined sales to listing ratio is a very strong 54.9%, with Cloverdale and South Surrey/White Rock showing the greatest demand compared to their inventory. The average days on market range from 15 in Cloverdale and 24 in North Surrey.
SURREY & WHITE ROCK APARTMENTS
The only areas of the city that posted any substantial gains in the apartment market was in the central Surrey & South Surrey/White Rock neighbourhoods. The former saw a +1.9% monthly increase to $569,000 (-2.4% cp June 2022). The latter increased by +1.7% to $636,500 (-1.1% cp June 2022). North Surrey had a nominal +0.4% increase to $508,600 (+0.1% cp June 2022). However, Cloverdale values faltered by -1.0% back down to $629,400 (+9.3% cp June 2022). Cloverdale’s lack of a monthly gain, however, is likely explainable by its overall aggressive recovery through 2023. The average price per square feet throughout Surrey ranges from $630 in central Surrey to $788 in North Surrey.
Apartment Sales increased throughout the city from 265 units in May to 315 in June. However, there was also an increase to the total number of listings, especially in North Surrey. At the end of May, there were 741 apartment listings, but this went up to 806 in June, resulting in a sales to listing ratio of 39.1%. The average days on market range from 14 in Cloverdale to 25 in South Surrey/White Rock.
My primary focus is in the Fraser Valley and a select number of Greater Vancouver cities. However, what happens in Vancouver has a significant effect on the rest of the municipalities in Metro Vancouver and the Fraser Valley, so it is important to understand the trends happening in the City, as they generally trickle down to other communities.
The benchmark City of Vancouver detached home received a +2.7% bump in June (which is over $67,000 in equity in one month) to $2,568,600. The typical Vancouver detached home is now -1.6% below where it was this time last year and is quickly closing in on the all time peak of $2.643m set in March 2022.
June’s sales significantly decreased from 234 in May to 170 (+18.1% cp June 2022). At the end of the month, the total number of listings increased slightly from 959 to 1,016. This had led the sales to listing ratio declining from 24.5% in May to 16.7% in June, which suggests that the City of Vancouver has slipped back into a market that is more favourable to buyers, despite the rising prices. We do usually see a lag between a dip in the ratio and softening prices. Logic would indicate that if this ratio continues in July, the benchmark price may actually see a reversal soon.
The average days on market, however, did fall from 31 in May to 24 in June.
The benchmark Vancouver townhome is now valued at $1,343,700 (+0.6% cp June 2022), a +1.8% increase from May. This gives a bit of recovery to the value lost in May, as I mentioned last month, which saw the value slip from $1.348m to $1.320m.
There were a few less sales in June, 87, than there were in May, 90. The total number of listings also fell a bit from 281 to 262, which leads to a slight increase to the sales to listing ratio, now at 33.2% – a moderate sellers market. The average days on market for a typical Vancouver townhome is 18.
The benchmark value for a City of Vancouver apartment has increased for the 6th month in a row – but it’s only up by +0.8% (or +$6,400) to $814,400. The average price per square foot is $1,130. In Vancouver West, this number is $1,183, whereas in Vancouver East, it is $972.
After 4 straight months of rapidly increasing sales, June had significantly less sales, falling from 606 in May to 546 in June. The number of active listings rose a bit in this time, from 1,706 at the end of May to 1,742 at the end of June, leading to a 31.5% sales to listing ratio. While this still shows a moderate sellers market, it does show signs of softening demand. Apartments are still selling quickly, with the average going from 28 days on market in May to 22 in June.
CITY NOT LISTED?
Yes, I do cover more cities than those listed above. However, these market reports can get lengthy so I focus on areas which I either do the majority of my business and/or municipalities that have a significant affect on the regional market. If you would like more information about any additional city in the region, please do not hesitate to send me a message at firstname.lastname@example.org.