Metro Vancouver Real Estate Market Shows Dramatic Increase
Posted on May 8, 2023 by Andrew and Jill Hasman
Tremendous recovery showing for the Metro Vancouver Spring Real Estate Market
The April Metro Vancouver Real Estate numbers are in and it's showing a tremendous recovery in buyer confidence and pricing over the last eight weeks, likely due to the Bank of Canada hitting the pause button on interest rate increases in March.
Buyers are back and we are seeing multiple offers, especially in the lower end of the market. We seem to have seen the bottom of the market in December / January.
As difficult as it was buying during that time, it was probably a really good time to make that move.
If you are one of those buyers, good for you!
What Vancouver homebuyers can expect this spring
With multiple offers, prices are creeping back up, again mostly at the lower end of the market, although we did see select homes in the upper also sell for above asking with multiple offers, one of our colleagues' most notably with 12 offers and selling for $500,000 over asking at west 65th and Granville.
The big story is that inventory is still fairly low. In east Vancouver, available homes for sale are down 30% from last year. Similarly, on the west side of Vancouver, there are 32% fewer homes on the market today compared to this time last year.
Home sellers seem reluctant to sell with the economic uncertainty.
For Vancouver Homesellers, when the home is priced correctly, there is really good demand and therefore opportunity to be had. We have had many homeseller clients where the outcome was in their favour.
If you have any questions about your home, or what's happening in your neighbourhood, or about this update, please call us at 604-657-7936. In the meantime, view our current listings.
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