BC Real Estate Sales Stats - May 2023
Vancouver Island Real Estate Stats
In May 2023, 488 single-family homes were sold, an 8% increase from last year's same month, which saw 450 residential home sales (May 2022). May saw an increase of 101 sales from the prior month of April. For May, the Average Sale Price was $809,677, an 8.8% decrease from the previous year.
VIREB's June 1st press release said May saw "smartly priced homes and measured offers"1 that are more typical of pre-covid times. The board's Chair, Kelly O'Dwyer, continued to say inventory is still an issue and if there was more supply, sales would be higher than they are. However, the provincial government's Home for People plan is encouraging as it is committed to lessening the "red tape that sometimes hinders the construction of new homes."1
Victoria Real Estate Stats
The Victoria Real Estate Board (VREB) reported 399 single-family detached home sales in May 2023, a 9% increase from the 367 sold in May 2022 and 23% less than the 325 sold in the previous month of April 2023. The Average Sale Price decreased 7% from the previous year, with $1,396,076 being the May 2022 average, slightly less than the May 2023 average of $1,297,552.
Victoria Real Estate Board (VREB) Chair Graden Sol stated that May reached the highest sales recorded since April 2022. Although the sales numbers are not as high as is typically expected in the spring market, May is the "fourth consecutive month with sales higher than the month previous."2 This suggests buyers' and sellers optimism as we head into the summer. With inventory still lacking and activity heating up, there is a risk of an "overheated market with pressure on pricing."2
Fraser Valley Real Estate Stats
For May 2023, the Fraser Valley reported 594 single-family home sales, a 37% increase from the 434 homes sold the previous year and a 12% increase from the prior month of April (531 single-family sales). The Average Sale Price in the Fraser Valley has seen a 2% decrease from $1,643,815 in May of 2022 to $1,608,790 this year.
The Fraser Valley Real Estate Boards June 2nd Press Release said May saw a flood of listings come on the market, which increased 40% over the previous month of April. Typically a surge in listings would take place earlier in spring; however, it is believed the interest rate hikes last year caused buyers and sellers to hold off this spring. As consumers adjust to the new financial landscape, we are now seeing increases in inventory.
Greater Vancouver Real Estate Stats
Greater Vancouver reported 1,040 single-family sales in May, a 31% increase from the year before (793) and a 29% increase from the previous month of April, which saw 803 sales. March's benchmark price for single-family homes is $1,953,600, a 2% decrease from last year's benchmark and a slight increase of 1.1% from April this year.
The Boards June 2nd Press Release said that although 2023 began slow for the Greater Vancouver region, the housing market is heating up, just in time for summer. Prices have increased "for the sixth consecutive month,"3 which is promising. Andrew Lis, REBGV's economics and data analytics director, said it's not hard to see why prices are increasing. It boils down to more buyers than sellers in the market.
BC Interior Real Estate Stats
Residential sales in May reached 1,662, a slight 3% decrease from last year and a minor increase from April 2022, which saw 1,226 residential sales. The benchmark price for single-family homes in Central Okanagan, South Okanagan, North Okanagan and Shuswap/Revelstoke was $1,048,900.
The board said new listings are on an upward climb, pointing to a promising summer market. Chelsea Mann, the board's President, urges people to be mindful of housing prices regarding BC Assessment values. She continues that buyers and sellers need to remember that BC Assessment won't "always correlate with the actual market value"4 because those calculations are from last year, which does not account for the changes in the market.
Kamloops & District Real Estate Stats
Kamloops reported 160 residential sales in May, an 11% increase from the same month last year (144 sales). The average price for residential sales was $683,698, which was 16% lower than the previous year, which saw an average of $814,445.
Chelsea Mann, who is the board's President, said buyers appear to finally be recovering from the shock that came with the several rate hikes, and they are reentering the market with adjusted expectations. However, interest rates "are still top of mind for many buyers."5 Inventory is also seeing a promising increase. It will be interesting to see if it continues into the summer months. To add to the positivity, sales are almost on par with the "average monthly sales figures and almost right on par with"5 May 2022's activity.
Kootenay Real Estate Stats
The Kootenay region reported 238 residential sales in May, a 16% decrease from the same month last year (205 sales). The average price for residential sales was $616,304, which was 3% higher than the previous year, which saw an average of $597,416.
Chelsea Mann, the board's President, said buyers have had a chance to adjust to the rate hikes and have finally come back to the market with realistic expectations around their real estate searches.
Like other boards across BC, the Kootenay region took a bit longer to heat up "than usual but seems to be revving up and heading in the right direction."6 Mann continues to say the region is among the most affordable in the province, so there is no wonder why the activity is relatively constant.
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