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 7.4% compared to April 2022 and up 2.3% compared to March 2023

2. Home sales remain low compared to both the 10-year average and the previous year's sales (15.6-16.5% below sales history)

    

   

    

   Main Highlight: The story remains the same...low supply persists while prices continue to increase for the third month in a row.
   

   
   

    

   Although both supply and sales statistics have not fully recovered in Metro Vancouver prices continue rising month-over-month as home buyer confidence returns. Home buyer confidence improving coupled with low supply is creating a sellers market and pushing prices back in the direction they were before the Bank of Canada's eight consecutive rate hikes.

   More specifically the REBGV has this to say:

   With listing activity remaining below historical norms, home sales in Metro Vancouver¹ have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.

   
   "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.

   When we released our market forecast in January, we were one of the only organizations taking the contrarian view that prices were likely to appreciate in 2023.”

   And what we’re seeing unfold so far this year is consistent with our prediction that near record-low inventory levels would create competitive conditions where almost any resurgence in demand would translate to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.” – Andrew Lis, REBGV director of economics and data analytics

    

   The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,790, a 4.2 per cent decrease compared to April 2022 (9,176), and 20.9 per cent below the 10-year seasonal average (11,117).

   The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,170,700. This represents a 7.4 per cent decrease over April 2022 and a 2.3 per cent increase compared to March 2023.

   
   
   

   

    

    CLICK HERE FOR THE FULL REBGV April 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
    [email protected]