Wondering what changed in Metro Vancouver's real estate market last month?

1. MLS Home Price Index benchmark price for all listings in Metro Vancouver is down 9.5% compared to March 2022 and up 1.8% compared to Feb 2023

2. Home sales remain at a record low compared to both the 10-year average and the previous year's sales (March 2022)

   Main Highlight: Low supply continues while prices continue to inch upwards for the second month in a row.
   

   

    

   More specifically the REBGV has this to say:

   March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.

   “On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” Andrew Lis, REBGV’s director of economics and data analytics said. “The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favorable market conditions.”

   
   There were 4,317 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2023. This represents a 35.5 percent decrease compared to the 6,690 homes listed in March 2022, and was 22.3 per cent below the 10-year seasonal average (5,553).

   The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, an 8.1 per cent increase compared to March 2022 (7,970), and 17.3 per cent below the 10- year seasonal average (10,421).

   Sales of detached homes in March 2023 reached 734, a 43.6 per cent decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2 per cent decrease from March 2022 and a 2.7 per cent increase compared to February 2023.

   Sales of apartment homes reached 1,311 in March 2023, a 43.2 per cent decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6 per cent decrease from March 2022 and a 0.7 per cent increase compared to February 2023.

   Attached home sales in March 2023 totalled 466, a 37.3 per cent decrease compared to the 743 sales in March 2022. The benchmark price of an attached unit is $1,056,400. This represents a 7.8 per cent decrease from March 2022 and a 1.7 per cent increase compared to February 2023.

   
   

   

    

    CLICK HERE FOR THE FULL REBGV March 2023 STATISTICS PACKAGE

    

   Looking to make a change in 2023? Reach out today and let us help you navigate through the ever changing market
   

   Rod & Rhea: 604.240.1927
   Ryan: 604.561.2127
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