March data indicates that home sales are making a comeback. Andrew Lis, REBGV Director of Economics and Data Analytics says “the spring market is already on track to outpace our 2023 forecast [on the pricing side].” This is despite the continuation of elevated borrowing costs, and relatively low inventories (by comparison of previous years). Here’s your monthly market report for Vancouver’s housing activity.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,5352 in March 2023, a 42.55 decrease from the 4,405 sales recorded in March 2022, and 28.4% below the 10-year seasonal average (3,540).
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5% decrease over March 2022 and a 1.8% increase compared to February 2023.
Upward/downward trend indicated compared to previous month (February 2023)
The sales figures will continue to appear lower than historical averages, particularly if sellers remain on the sidelines. That said, it’s important to note the chicken-and-egg nature of the statistics we see each month. With the average days on the market touching that one month mark, there’s a proportion of unsold homes from the previous month being counted in that data. Thus, bloating the active listings to sales ratio.
Needless to say, there’s positive growth across the board. And the right opportunity exists. Are you looking for a new home this spring? Or perhaps you’re considering growing your real estate portfolio with a rental property (the rental market is hot right now!)
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RE/MAX All Points Realty
102-321 Sixth St,
New Westminster, BC, V3L 3A7