METRO VANCOUVER REAL ESTATE MARKET: HEALTHY SUPPLY AND STABLE PRICES DESPITE SLOW SALES IN JANUARY
he recent increase in key loan rates has raised great concern among Canadians, particularly those looking to buy a home. The housing market in Canada is facing challenges, but the Bank of Canada's recent announcement of a possible pause in the rate cycle may lead to normalizing conditions later this year. Despite low sales volume, historically low inventory levels are contributing to overall value stability.
GREATER VANCOUVER: INVENTORY REPLENISHMENT FOR THE SPRING MARKET
The Greater Vancouver market reported 1,022 resale transactions in January, a 55.3% decrease from January 2022. Despite the drop in sales, first quarter 2022 resales were historically high and the gap is narrowing. will decrease in the coming months. The number of active listings increased by 32.1% in January, indicating a healthy supply level relative to current demand. The reference price remains stable, decreasing only 0.3%.
FRASER VALLEY: SALES SLOW IN JANUARY BUT AN INCREASE IN SUPPLY IS EXPECTED
The Fraser Valley Real Estate Board recorded 626 transactions in January, a decrease of 12.6% from December and 52.2% from January 2022. The number of new listings hit an all-time low, but the number of active listings increased 5% from December. Reference prices for detached single-family homes, townhomes, and apartments decreased 1.4%, 1.8%, and 0.2% from the prior month, respectively. An increase in supply is expected as sellers relist in the spring market.
BIG VICTORY: MIRROR SHIFTS IN METRO VANCOUVER
The Greater Victoria market recorded 278 resales in January, a 40.8% decrease from the previous year. The reference price for single-family homes has decreased 1.6% since December and 3.6% since January 2022. The market is experiencing similar changes to Metro Vancouver.
LOOKING TOWARDS NORMALIZATION
Despite a slow start to 2023, the housing market in Canada continues to show stability, thanks to low inventory levels. The Bank of Canada's recent announcement of a possible pause in the rate cycle may lead to more normalized market conditions later this year. As the spring market approaches, we can expect an increase in supply and a potential increase in sales.
LIST SALES RELATIONSHIPS
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.