The Stats are in!
The March 2023 stats from the Real Estate Board of Greater Vancouver have shown modest increases in benchmark prices across Metro Vancouver, similar to those seen in February 2023 (1-3% depending on housing type). Increases in benchmark prices are largely due to the continuing below-average number of new listings.
Despite overall reduced affordability, the low number of new listings coming on the market has contributed to the ratio of ‘sales per month’ to ‘active listings’ currently being strongly in sellers favour. Also, largely due to the lack of new inventory, the number of sales occurring per month is still below historical averages as there simply are not as many properties to transact.
Here at the Ballard360 team, we continue to notice the effects of reduced inventory in the market. Sellers are able to take advantage of the lack of competing properties for sale and are less price bound by their competition. Buyers, while faced with reduced options, are returning to the market and are still able to find extremely good deals, although demand seems to be increasing.
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Source: The Real Estate Board of Greater Vancouver