Vancouver Real Estate Market Update – April 2023

Listing activity still remains below historical norms, yet home sales in Metro Vancouver are surprisingly quite healthy. And not too far off last year. The REBGV* reports 2,741 home sales this April compared to 3,218 home sales in April 2022. This is a 16.5% decrease compared to same time last year, and 15.6% below the 10-year seasonal average.

Home prices are also continuing to rise across the Lower Mainland as home buyer confidence returns resulting in some bidding wars.

“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling. The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”

Andrew Lis, REBGV Director of Economics and Data Analytics

Here’s some highlight statistics from the Vancouver Market Real Estate Market Update

MARKET REPORT BY PROPERTY TYPE

Upward/downward trend indicated compared to previous month (March 2023)

IN SUMMARY

So far this year we’ve seen record-low inventory levels create competitive conditions where the resurgence of demand has translated into price escalation. This is despite the elevated cost of borrowing. The issue remains of too little resale supply available relative to the pool of active buyers.

Wondering how this impacts you as either a seller or a buyer in Vancouver’s real estate market? Let’s grab coffee – my treat – and we can discuss your goals. Contact me or give me a call on 778-386-7742

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.