By Canadian Press

Vancouver home prices ticking up as supply remains under pressure: real estate board

Jul 5, 2023 | 7:15 AM

VANCOUVER — The Real Estate Board of Greater Vancouver says last month’s home prices ticked up from May as prospective homebuyers faced a dearth of supply in the region.

The board says the composite benchmark sat at more than $1.2 million last month, down 2.4 per cent from June 2022 but up 1.3 per cent from May.

Sales in the market totalled 2,988 last month, a 21.1 per cent increase from a year ago. 

The board says the sales were 8.6 per cent below the 10-year seasonal average of 3,269.

New listings hit 5,348 last month compared with 5,278 in June 2022. 

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The board’s director of economics and data analytics says the market is surpassing expectations, particularly in the apartment segment, but supply remains an issue.

“Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver,” Andrew Lis says in a news release.

“This is the fundamental reason we continue to see prices increase month-over-month across all segments.”

This report by The Canadian Press was first published July 5, 2023.

The Canadian Press