Real Estate Market Update
March 8th, 2023
According to the latest report from the Real Estate Board of Greater Vancouver (REBGV), sales activity as of mid-February was approximately one-third higher than in February last year before the first of eight straight interest rate increases began.
This information is vital since sales activity has been 40-50% lower in the past eight months than in previous years.
Per the REBGV, “The market bottom may have already been seen in January 2023, as sales have been picking up, and showings and open houses are becoming busier.” In addition, the sales-to-new-listing ratio has hit an impressive 48 percent this month, meaning that nearly one of every two new listings has found a buyer.”
This is a positive sign for those looking to sell their homes, suggesting a strong demand for properties in the current market. Moreover, home prices tend to experience upward pressure when the sales-to-listing ratio is above 20 percent over several months, indicating a possible future price increase.
If you are thinking of buying (or you know of somebody who is please share this information with them), the current market conditions are signalling an imminent price increase. It’s time to act strategically and seize this opportunity before it’s too late. Don’t wait for the prices to skyrocket and miss out by paying more. Be proactive and stay ahead by intensifying your house-hunting efforts. By doing so, you’ll secure a favourable deal and gain a competitive advantage in this fast-paced market. So, gear up and get ready to make your move. The time to act is now!
As always, we recommend that buyers and sellers take a strategic approach to the current market conditions, especially given the potential for future price increases. We will continue to monitor the situation and provide updates as needed.
If you love looking at numbers, here’s a chart prepared by Sagen showing which areas are a Buyer’s Market or Balanced Market right now: