Hey everyone! Here's the latest update from the Real Estate Board of Greater Vancouver on the March 2023 housing market. 

Despite new listings remaining below historical averages, we saw modest increases in home prices! 

Residential home sales in the region totaled 2,535 in March 2023, with a decrease of 42.5% compared to March 2022 and 28.4% below the 10-year seasonal average. The MLS® Home Price Index composite benchmark price for all residential properties was $1,143,900, representing a 9.5% decrease compared to March 2022, but a 1.8% increase compared to February 2023.

Even with elevated borrowing costs, the spring housing market in Metro Vancouver is showing stronger-than-expected sales activity! However, new listings were down by 35.5% compared to March 2022, and the total number of homes listed for sale increased by 8.1% compared to March 2022. The sales-to-active listings ratio for March 2023 was 30.7%, with ratios of 23.3% for detached homes, 36.7% for townhomes, and 34.9% for apartments. This suggests that while there is increased sales activity, the market may still be skewed in favor of sellers, with limited inventory contributing to higher prices.

Full Report: https://www.rebgv.org/market-watch/monthly-market-report/march-2023.html

Stay tuned for more updates on Metro Vancouver's housing market! If you're looking to buy or sell, feel free to reach out to me for expert advice.

Best regards, 

Sheldon Coxford

Real Estate Agent at TRG Realty

C: 778 835 5621 | W: www.sheldonhomes.ca

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