Courtesy of Natalie King

Prices continue rising across Metro Vancouver as home buyer confidence returns

$752,300 apartment DOWN 3.1% year-to-year

$1,915,800 detached DOWN 8.8% year-to-year

BENCHMARK PRICES

$1,078,400 townhouse DOWN 6.1% year-to-year

8,790 ACTIVE LISTINGS 2,741 SOLD LISTINGS

detached 808 1,413 apartment

detached 3,310

3,776 apartment

32.7% SALES TO ACTIVE LISTING RATIO

3.2 MONTHS OF INVENTORY

33 DAYS ON MARKET (detached)

NEW LISTINGS 4,307

Vancouver, May 2, 2023 – With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region currently totalled 2,741, a 16.5 per cent decrease year over year. The total number of homes currently listed for sale on the MLS ® system in Metro Vancouver is 8,790, a 4.2 per cent decrease year over year. Detached home sales in April 2023 reached 808, a 16.3 per cent decrease year over year. The benchmark price for detached properties is $1,915,800. This represents an 8.8 per cent decrease year over year and a 2.9 per cent increase month over month.

Apartment home sales reached 1,413 in April 2023, a 16.5 per cent decrease year over year. The benchmark price of an apartment property is $752,300, a 3.1 per cent decrease year over year and a two per cent increase month over month. Attached home sales in April 2023 totalled 500, a 13.5 per cent decrease year over year. The benchmark price of an attached unit is $1,078,400, a 6.1 per cent decrease year over year and a 2.1 per cent increase month over month.

Statistics reflect market activity in April 2023 | Source: REBGV ® Real Estate Board of Greater Vancouver | Market values stated are of the benchmark of Vancouver and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

The best compliment you can give me is a referral to your friends and family .

Natalie King Real Estate Agent Direct: 778-870-4323 | natalieking@live.ca www.NatalieKingHomes.com

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