April 2023 Real Estate Market Overview

May 02, 2023

April 2023 Market Update

Despite the listing activity being below historical averages, the Metro Vancouver housing market has experienced an unexpected resurgence in home sales, approaching levels observed during the previous spring season. This recovery transpired before a series of eight consecutive interest rate increases, which diminished borrowing capacity and subsequently contributed to a decrease in home sales activity. The Real Estate Board of Greater Vancouver reported that residential home sales in the region reached 2,741 in April 2023, marking a 16.5% decline from the 3,281 sales in April 2022 and standing 15.6% below the 10-year seasonal average of 3,249 sales.

REBGV stated, “The increasing prices and rebounding sales this spring indicate that home buyers are regaining confidence after a difficult year for our market, with mortgage rates approximately doubling. The most recent MLS HPI® data reveals that home prices have risen by around 5% year-to-date, surpassing our initial forecast of 1-2% growth by the end of the year. Nevertheless, the year is far from over, and it remains uncertain whether these price increases will persist into 2024.”

We often find the statistics can be broad, and you might wonder “How does this relate to my home?”  We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understand what’s really going on.

Downtown Vancouver: 

  • Market Type: Sellers market at 23% sales ratio average (2.3 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 100% of list price
  • Most Active Price Band: $600,0000- $700,000 with average 61% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $2.5 to $2.75 mil, Coal Harbour and min 4 bedroom properties
  • Opportunity for Sellers: Selling homes in Downtown and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

  • Market Type: Balanced market at 20% sales ratio average (2 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 100% of list price
  • Most Active Price Band: $2.5 to $2.75 mil with average 77% sales ratio (sellers market)
  • Opportunity for Buyers: Homes between $6.5 to $7 mil, Cambie, Shaughnessy, University and min 7 bedroom properties
  • Opportunity for Sellers: Selling homes in Arbutus, Dunbar and up to 2 bedroom properties

Attached Housing

  • Market Type: Sellers Market at 29% Sales Ratio average (2.9 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 1% below list price
  • Most Active Price Band: $500,000 to $600,000 with average > 100% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $1.75 mil to $2 mil,  Cambie, Dunbar, Shaughnessy, South Cambie and min 4 bedroom properties
  • Opportunity for Sellers: Selling homes in Fairview, Kitsilano, University and up to 1 bedroom

Vancouver Eastside: 

Detached Housing

  • Market Type: Sellers Market at 22% Sales Ratio average (2.2 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 3% above list price
  • Most Active Price Band: $1.75 to $2 mil with average 37% sales ratio (sellers market)
  • Opportunity for Buyers: Homes between $2.75 mil to $3 mil, Collingwood, South Vancouver and min 7 bedroom properties
  • Opportunity for Sellers: Selling homes Knight, Killarney, Main and up to 2 bedroom properties

Attached Housing

  • Market Type: Sellers Market at 33% Sales Ratio average (3.3 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 2% above list price
  • Most Active Price Band: $400,000 to $500,000 with average 67% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $1.5 to $1.75 mil, Downtown, Knight, Strathcona and 3 bedroom properties
  • Opportunity for Sellers: Selling homes in Hastings, Main and up to 1 bedroom properties

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on May 1, 2023  from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.

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