Spring market shows signs of growth across Metro Vancouver. Activity has increased in the month of March in all areas and all price ranges. We could see some modest price growth in March, according to the Real Estate Board of Greater Vancouver (REBGV). However, the listing count is behind the long-term historical averages. Realtors reported increased interest from Buyers in all price ranges and some even had multiple offers on properties.
REBGV reports a total of 2,535 sales in March 2023, which is 28.4 per cent below the 10-year seasonal average.
The MLS®Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. A 9.5% decrease over March 2022and a 1.8% increase compared to February 2023.
“The spring market is already on track to outpace our 2023 forecast, which is anticipated modest price increases of about one or two per cent across product types.” According to Andrew Lis, REBGV’s director of economics and data analytics. Even the elevated borrowing costs, below-average sales didn’t stop buyers from making offers and purchase properties. The listing count is still low, as the Sellers are awaiting more favourable market conditions.
The total number of homes listed for sale on MLS® in Metro Vancouver is 8,617, an 8.1% increase compared to March 2022 and 17.3% below the 10-year seasonal average.
This market could be good for looking at homes if you want to buy, there are properties coming on the market and there is a good chance to find something that suits your needs with not much competition yet.
If you are planning to sell: spring is here, better weather and relatively low listing count are in your favour. It is a good time to put your home on the market. If you have any questions, we would be happy to make a marketing plan and show you how we can sell your home and help you find your new home. Contact us any time, we are here to help.
Source: Real Estate Board of Greater Vancouver