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REBGV Neighbourhood Statistics by Area
"The world changes every second,
blowing new opportunities in all directions,
– K. Hakuta
I'll refrain from any analogies linking the warm weather we've been experiencing to a hot real estate market, but the last month of activity has pushed the HPI benchmark home price for Vancouver up 2.4% from March.
We are still 7.4% below the all-time high achieved in February 2022, but the meagre listing count is creating strong demand for the available home supply. The number of homes currently listed for sale is slowly rising, but not dramatically so.
REBGV Economist Andrew Lis summarised things well:
“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 ... 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.”
Demand for the available homes pushed benchmark prices up for detached, townhouse and condo properties by 2.9%, 2.1% and 2% respectively.
The sales-to-active-listings ratio is now at 32.7%. Broken down by property type, it's 24.4% for houses, 40.1% for townhouses and 37/4% for condos. Generally, analysts say downward pressure on prices tends to occur when demand falls below 12% for a prolonged period, while prices tend to increase when sustained above 20%.
You can see the full real estate market report and press release from REBGV here.
I have weekly stats available for those interested in more timely analyses of market activity. Curious about how things are in looking in your specific community? Check out the neighbourhood reports above.
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