Real Estate Matters – April 2023
Hello!
Spring market is officially here! As you can see from the stats attached to the bottom of this email, most categories of homes in most areas are experiencing higher activity and prices. The federal rate has held steady, as fixed rates are gradually dropping. This is strengthening consumer confidence once again.
To sell a property these days, marketing and pricing needs to be extremely calculated and exact. No longer are the days where one can price a home, and expect 20+ offers to carry it up. Along with preparing for a listing, negotiations become key in success in the current market as well.
If you’re looking to Buy, Sell, or Move, and you’re in need of very specific strategies with an expert Realtor, give us a call!
VANCOUVER, BC – April 3, 2023 – Home prices across Metro Vancouver’s1 housing market showed modest increases in March, 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.
“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.”
“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” Lis said. “But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”
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Please click the below links for your complimentary updated Vancouver Real Estate statistics package. For a more detailed pricing/activities package for your relevant area, please feel free to contact us, and we would be happy to send one to you.