Prices continue rising across Metro Vancouver as home buyer confidence returns
VANCOUVER, BC – May 2, 2023 – With listing activity remaining below historical norms, home sales in Metro Vancouver1 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.
“When we released our market forecast in January, we were one of the only organizations taking the contrarian view that prices were likely to appreciate in 2023,” Lis said. “And what we’re seeing unfold so far this year is consistent with our prediction that near record-low inventory levels would create competitive conditions where almost any resurgence in demand would translate to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.”*
Contact us today for current market conditions in your area, and ask about an obligation-free evaluation for your home!*Source: Real Estate Board of Greater Vancouver
Contact us today for current market conditions in your area, and ask about an obligation-free evaluation for your home!*Source: Real Estate Board of Greater Vancouver
