Hi, it's Cari Mai and this is your Vancouver real estate market update for March 2023.
Home sales rose for the first time in 4 months but MLS home sales is still 33% below the 10 year average sales volume for February!
We're starting to see more homes come on the market for sale for the first time in 5 months with the overall market conditions shifting towards favouring Sellers in Greater Vancouver. The total number of homes for sale increased almost 17% from February 2022, and we all know last February had the lowest inventory ever recorded for the month!
The MLS benchmark price is $1,123,400 across all home types in Greater Vancouver. This is over a 9% decrease from February 2022 and just over a 1% increase in price from January 2023. We're seeing multiple offers happen across highly desired homes and neighbourhoods so if you’re looking to sell and upsize in today’s market, this could be the ideal time for you as the price gap between single family homes and the other home types shrunk slightly.
March 8th was the most recent Bank of Canada announcement and they have maintained their rate with no changes made. This is the first time in 12 months that there has been no change! Great news for the adjustable rate mortgage or variable rate mortgage holders! The prime rate will remain at 6.7% Leading market indicators suggest we may see modest price increases this spring if sales activity increases and mortgage rates continue to hold steady.
I hope that gives you a glimpse into Vancouver's real estate market this month!
Feel free to DM me or leave a comment if you have any questions about what you just heard.
Thanks for tuning in!