As Hot As Our Summer - July 2023 Market Update

The Mic for Vancouver Real Estate

Welcome back to The Mic for Vancouver Real Estate! It's a hot summer, and the real estate market is sizzling too. Episode 34 is now live, and we're diving right into the numbers for a good ol' time analyzing the market. Let's get started!
Sales Activity: July 2023 was a shocker with 2455 total sales, a 28.9% increase from last year but a 17.8% decrease from June. Still, we're 15.6% below the 10-year average.
Price: The HPI Price for July 2023 is $1,210,700. Are we finally back in the positive year-to-year? Tune in to find out!
Inventory: With 10,301 total homes on the market, we're seeing some interesting trends. Is it time to party, or should we be cautious? We'll break it down.
Sales to Active Ratio & Rent: From houses to apartments, we've got the latest stats. Plus, a deep dive into rent prices in Metro Vancouver, including a quote that sums up the current climate: "Temperatures are rising across the Lower Mainland, and so too are the region's rent prices."
THOUGHTS: From the impact of interest rates to the Airbnb vs. Long Term Rental debate, we're sharing our insights and asking the big questions. How much would banning Airbnb help? What's driving rent up? We're discussing it all.
Market Analysis: We're looking under the hood at sales, inventory, interest rates, and more. What's happening with houses? Why are condos selling fast? We're uncovering the answers.
Advice for Buyers & Sellers: Whether you're buying or selling, we've got tips to help you navigate the market in August. Don't give up, seize the opportunity, and start preparing now!
Watch us on YouTube: https://youtu.be/Oz1hMN4i-fo
Together, let's master the market and make smart moves in Vancouver's bustling real estate scene. Tune into Episode 34, and don't forget to subscribe to The Mic for Vancouver Real Estate for all the latest updates!