The stats are in!
The April 2023 stats from the Real Estate Board of Greater Vancouver have shown a continuation of the trends we have been experiencing over the past few months.
Benchmark sale prices are continuing to rise (+2.4% from March 2023) as supply remains near record lows. The lack of supply has created a competitive environment for buyers and we are even starting to see multiple offer situations slowly start to reappear.
Similarly, the number of sales per month in Greater Vancouver has continued to increase month over month but remains well below historical levels due to the limited number of properties for sale.
Here at Ballard360 Real Estate, we feel low inventory levels may persist. First, as interest rate increases seem to have moderated, more buyers will return to the market and inventory will continue to be increasingly bought up.
Second, potential sellers have attractive options for renting out their properties, reducing the number that may choose to sell at this time.
Third, while municipalities are targeting accelerated development processes and increased density allowances, most tangible new inventory is still several years away.
Fourth, as the effects of the pandemic decrease, more young people and students will again be looking for places to live. Some will find rental accommodation despite limited rental inventory and high rents. The others will be considering purchasing property, further increasing demand.
With the Spring Market underway, at Ballard360 we have been busy working with clients over a greater geographic area and consulting about upcoming changes in legislation and how to strategize to take advantage of the changes to come.
Source: The Real Estate Board of Greater Vancouver