The Vancouver Life Real Estate Podcast Vancouver Real Estate Market Update for March 2023
In this episode, we discuss the recent trend of increasing home prices in Vancouver, which have risen for a second consecutive month. We examine the various metrics that indicate the current state of the housing market in the city is getting hotter and hotter with all property types (single family homes, townhouses and condos all now firmly in a seller's market.
However, we also acknowledge that this situation is somewhat artificially inflated due to the lack of available inventory. New listings remain low and total inventory sits below 9,000 units for 4 months in a row now - there were only 3 other times in recent history where this has happened and all of those markets were in strong bull markets. Is this where we are headed next?
Despite the high prices, multiple offer scenarios are once again becoming commonplace, and new listings are remaining at a low point not seen in decades. We provide an in-depth analysis of these trends, exploring the reasons behind them and what they mean for both buyers and sellers in the Vancouver housing market. If pressure continues to mount and job numbers continue to outperform expectations, we recognize the Bank of Canada will begin to find itself caught between price stability and the inflation flight. The next interest rate announcement will be an interesting one.
Furthermore, prices median prices are up $20,000 for the month which equates to $80,000 over the last 3 months putting us only 5% off of peak numbers we saw in 2022. Even more astonishing is the average price of homes is up over $102,000 in the last 2 months putting us at May 2022 numbers with days on market coming down quite quickly.
Finally, we offer some insights into what can be expected in the upcoming month of April. Based on our analysis of the available data, we provide our predictions for how the market will evolve in the near future, and what this means
for anyone looking to buy or sell a home in Vancouver. So whether you're a seasoned real estate professional or simply interested in the state of the housing market, be sure to tune in to this informative and insightful episode.
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Dan Wurtele, PREC, REIA
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Ryan Dash PREC
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