BC Real Estate Sales Stats - July 2023

Vancouver Island Real Estate Stats

In July 2023, 414 single-family homes were sold, a 41% increase from last year's same month, which saw 294 residential home sales (July 2022). July saw a decrease of 8 sales from the prior month of June. The Average Sale Price for July was $804,144, a 3% decrease from the previous year.

VIREB's August 1st press release said July has been busier than usual "despite rising interest rates." The Boards Chair, Kelly O'Dwyer, said sellers of higher-end properties are stuck on last year's prices and expect to get offers that align with that. However, they need to recognize the market "conditions have changed, at least for now." 1

Victoria Real Estate Stats

The Victoria Real Estate Board (VREB) reported 293 single-family detached home sales in July 2023, a 15% increase from the 254 sold in July 2022 and 9% less than the 322 sold in the previous month of June 2023. The Average Sale Price decreased 14% from the previous year, with $1,204,196 being the July 2022 average, slightly less than the July 2023 average of $1,374,115.

Victoria Real Estate Board (VREB) Chair Graden Sol stated July followed the typical seasonal norms, where activity slows down as summer progresses. Despite a slowdown in sales activity, there was an "increase in inventory coming to the market in July." 2 This is positive as it indicates sellers are willing to step off the sidelines. Sol also adds it's likely there is less competition during the summer as many consumers are on vacation, making it a great time to buy your next home.

Fraser Valley Real Estate Stats

For July 2023, the Fraser Valley reported 402 single-family home sales, a 35% increase from the 297 homes sold the previous year and a 41% decrease from the prior month of June (680 single-family sales). The Average Sale Price in the Fraser Valley has seen a 3% increase from $1,495,176 in July of 2022 to $1,545,678 this year.

The Fraser Valley Real Estate Boards August 2nd Press Release said after five months of increases, the Fraser Valley has seen a decrease in real estate sales as a response to "rising interest rates and the summer sales cycle." 3 Chair of the Board, Narinder Bains, said it is typical for summer to be slower in the real estate sector and the higher interest rates are contributing to the slowdown. Buyers and sellers seem to be on pause, and "we expect this trend to continue until the fall cycle." 3

Greater Vancouver Real Estate Stats

Greater Vancouver reported 679 single-family sales in July, a 29% increase from the year before (523) and a 19% decrease from the previous month of June, which saw 843 sales. July's benchmark price for single-family homes is $2,012,900, a 0.6% increase from last year's benchmark and a slight increase of 1.1% from June this year.

The Boards August 2nd Press Release said home prices in all housing types increase through July. Andrew Lis, the Board's director of economics and data analytics, said sales remain almost 15% "below the ten-year average." 4 Still, they are up almost 30% year-over-year. He says that with the Bank of Canada's rate hike in July of 0.25%, "mortgage rates are now at the highest levels" Canada has seen in more than ten years. With all that said, activity is higher than last July, indicating the strength of demand in the Fraser Valley market.

BC Interior Real Estate Stats

Residential sales in July reached 1,337, an increase of 9.5% from last year and a minor decrease from June 2022, which saw 1,656 residential sales. The benchmark price for single-family homes in Central Okanagan, South Okanagan, North Okanagan and Shuswap/Revelstoke was $1,063,700.

The board said it is common to see sales "activity cool during the hot summer months," 5 which is reflective of June's dip in activity. Chelsea Mann, the Board's president, said despite high-interest rates, it is good to see market activity that is typical with historical levels.

Kamloops & District Real Estate Stats

Kamloops reported 140 residential sales in July, an 18% increase from the same month last year (118 sales). The average price for residential sales was $726,957, which was 4.9% lower than the previous year, which saw an average of $764,497.

Chelsea Mann, the board's President, said Kamloops had seen a steady "climb in momentum after below-average activity" at the beginning of the year. This is positive as it indicates the real estate market is on the road to recovery.

Kootenay Real Estate Stats

The Kootenay region reported 168 residential sales in July, a 35% decrease from the same month last year (260 sales). The average price for residential sales was $606,408, which was 29% higher than the previous year, which saw an average of $471,200.

Chelsea Mann, the board's President, said it is typical for the Kootenay region to see a "tapering off of activity during July as buyers and sellers" 7 are out enjoying the summer. But the market will likely pick up again at the beginning of the back-to-school time.


Chilliwack & District Real Estate Stats

Chilliwack saw 222 home sales this July, a 68% increase from last July's sales (132). The Average Sale Price was $704,458, a 6.8% decrease from last year's average sale price.

Chilliwack's President Brad Latham said home sales saw a big rebound from last year and an increase in new listings. Latham continues to say prices have come in below the crazy records of last year and should continue to for the remainder of the year. For those buyers and sellers who have been waiting on the sidelines, now is a great time to reenter.

 

*All Stats come from MLS data retreived from virebvrebfvrebrebgvcreachillinteriorrealtors, bcnreb and creastats
5  Retreived from Association of Interior Realtors - Typical Summer Slowdown for Local Residential Real Estate Market Activity
6 Retreived from Association of Interior Realtors - Kamloops Residential Real Estate Market Activity Following Seasonal Trend
7 Retreived from Association of Interior Realtors - Kootenay Residential Real Estate Market Tapers Off in July

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