August 2023 Real Estate Market Update

August 2023 Real Estate Market Update

Thanks for checking out my monthly real estate update for South Delta and the Real Estate Board of Greater Vancouver (REBGV).

Here is a link to the complete set of charts and graphs – it may be useful to refer to them as you read through this piece!

Here is a link to the Real Estate Board of Vancouver (REBGV) Monthly Market Report.

2023 – A ‘later developing year?’

There is a later seasonal peak to our market in 2023 compared to the 2 previous years as we felt the crest in late May compared to March in 2021 & 2022.

Metrics remain below the 10 year average sales 15.6% below and listings now only 14.4% below. This shows a bit of a ‘narrowing of the gap’ compared to recent previous months.

The sales and listings graphs below show listing levels had pretty much peaked and were beginning to decline in the previous 2 years but this year they appear to still be increasing.

It is interesting to reflect on 2023 being ‘seasonally 2 months later’ than previous 2 years:

  • what has caused it?
  • how will it affect the market for the rest of the year?

I am here to arm you with the best information and give my professional advice so you can make the best decisions to help yourself move forward!

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