Spring Market Update
After seeing record sales at the beginning of 2022, Vancouver’s housing market took a turn halfway through last year as the Bank of Canada increased borrowing rates to curb inflation. We ended last year with a few very slow months in real estate.
Starting this year, we’ve noticed a lot more optimism in the housing market. Buyers have come off the sidelines after being nearly non-existent in the last half of 2022 and some properties are finding multiple offers again.
As we begin the Spring Market, we're seeing continued reluctance among prospective home sellers to sell their properties because of concerns over the market and price declines. This has ultimately lead to below-average sales activity and extremely low inventory. New Listings this year were at a 20 year low for February and it's left many buyers with few properties to purchase which is why we're seeing multiple offers in some segments of the market again. Homes that are priced well and marketed professionally are moving quickly and prices overall appear to be stabilizing (view home price chart below) as buyers/sellers get a better understanding of what's happening with interest rates and inflation.
If you have any questions regarding Real Estate or would like specific market information on your neighbourhood, please reach out at any time. As always, thank you.