Something that’s been catching my eye in the market data in recent months is the lack of new listings coming to market, especially as we enter the full swing of the spring market. This trend has had some knock-on effects, such as slower sales (since you can’t sell what’s not listed), and I’ve noticed “housing…
The BCREA (British Columbia Real Estate Association) reports that a total of 7,427 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in April 2023, a decrease of 17.7 per cent from April 2022. The average MLS® residential price in BC was 995,506 down 5.6 per cent compared to the average price of…
Buyer confidence and activity is increasing in B.C. despite continued short supply and price escalation, according to real estate professionals. Sales increased by eight per cent month over month in Metro Vancouver in April, said MLA Canada’s Brittany Reimer, a partner and managing director in the real estate agency’s Fraser Valley office. Brendon Ogmundson, chief…
There is nothing typical about our real estate market since the start of the Covid 19 pandemic. 2023 first three months sales are down by quite a bit relative to 2021 and 2022 unusually strong market years. North Vancouver sales down 43% and 54% respectively from 2022 and 2021 Q1’s. West Vancouver down 37% and…
With demand outpacing supply, Royal LePage adjusts forecast upward following stronger-than-expected start to 2023. Royal LePage is forecasting that the aggregate price of a home in Canada will increase 4.5% in the fourth quarter of 2023, compared to the same quarter last year. The previous forecast has been revised upward to reflect an earlier-than-expected boost…
March home prices showed modest increase across Metro Vancouver’s housing market showed modest, while new listings remained below long-term historical averages. March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in…
In West Vancouver, there were 8.2 months of inventory (MOI). This represents a buyer’s market based on MOI. The sales to new listings percentage was 39%, which represents a balanced market. In North Vancouver, there were 2.6 months of inventory. This represents a seller’s market based on MOI. The sales to new listings percentage was…
As the first quarter of 2023 draws to a close, Greater Vancouver’s real estate market has continued to rally, with aggregate home values soaring to an average sales price of $1,269,098. The largest gain was observed in the detached market, where the average price surged to $2,175,092, marking a significant 14% increase or a gain…
The Real Estate Board of Greater Vancouver (REBGV) February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards. The REBGV reports that…
Residential real estate has a seasonality to it. The number of homes sold in the spring is almost always much greater than at any other time of the year. West Vancouver residential property sales totaled 27 in January 2023, a 41.2% decrease from the 46 sales recorded in January 2022, and a 30.77% decrease from…
