Less than six months ago you would be hard pressed to believe that house prices would be up as much as they are. Yet here we are. It’s clear that competition is heating up between buyers, setting the stage for a busy summer. This is due to the fact that there are more buyers in comparison to the number of willing sellers in the market. So, while inventory still appears low relative to historical data, sales and price are on the rise.
The Real Estate Board of Greater Vancouver (REBGV) has reported that residential home sales in the region totalled 3,411 in May 2023. This is a 15.7% increase from the 2,947 sales recorded in May 2022, and a 1.4% decline from the 10-year seasonal average (3,458).
Here’s some highlight statistics from the Real Estate market highlights Vancouver May 2023:
MARKET REPORT BY PROPERTY TYPE
Upward/downward trend indicated compared to previous month (April 2023)
Wondering how the market and mortgage rates affect your real estate dreams? My goal is to ensure you are confident and comfortable with every choice you make. Your best interests are always top of mind so that I can help you before, during and after the sale.
Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.