A Brief Market Update

In this month’s newsletter, I’ll keep it concise while providing you with insights into the current real estate market and highlighting an emerging price trend in certain Vancouver markets. Stay tuned for a comprehensive market analysis for the first quarter of 2023, coming your way in April.

The real estate scene in Metro Vancouver saw sales and listing activity fall significantly below historical averages during the first two months of 2022. While slow sales contributed to a slight increase in inventory, levels remain relatively low. For Vancouver to transition into a buyer’s market, we would need to see a more substantial rise in inventory. Andrew Lis, REBGV director of economics and data, summed up the current situation well: “It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to reach typical levels for this time of year.”

I’ve been closely monitoring price trends since they started to decline in March 2022. My last two market updates highlighted that prices rebounded in January for apartments and townhomes, followed by further increases in February for all property types in Vancouver, Vancouver East, Vancouver West, and North Vancouver. With the Bank of Canada (BOC) choosing to maintain its rate at 4.5%, it’s likely that prices will either remain stable or continue to rise in the coming months. Anecdotally, we’ve noticed an uptick in open house attendance, and buyers are actively searching for properties in the market.

If you’re contemplating a purchase but are unsure about the right timing, don’t hesitate to reach out to me. We can delve into this topic in greater detail and explore your options.