REBGV Market Update For April 2023 – Housing Market Is Mounting A Surprising Comeback

Based on the April 2023 market report released by the Real Estate Board of Greater Vancouver (REBGV), the real estate market in the region is showing signs of resilience despite record mortgage rate hikes. Here are some key points from the report:

Prices and sales rebound: Home prices have been rising, and sales have rebounded, indicating increased confidence among home buyers. The MLS Home Price Index (HPI) data shows that home prices have already increased by about five percent year-to-date, surpassing earlier forecasts of one to two percent by year end.

1. Decrease in home sales: In April 2023, there were 2,471 residential property sales, a 16.5% decrease compared to April 2022. The number of detached properties sold decreased by 16.3%, apartments by 16.5%, and attached properties by 13.5%, compared to the same period last year.
2. Decrease in new listings: There were 4,307 new listings in April 2023, a 29.7% decrease compared to April 2022. The total number of homes listed for sale on the MLS system was 8,790, a 4.2% decrease compared to April 2022.
3. Sales-to-active-listings ratio: The sales-to-active-listings ratio provides insight into supply and demand dynamics. In April, the ratio was 32.7% for all property types, indicating a seller's market. Specifically, the ratio was 24.4% for detached homes, 40.1% for townhomes, and 37.4% for condos.
4. Home prices: The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $1,170,700 in April. This represented a 7.4% decrease compared to April 2022, but a 2.3% increase from March 2022.

Overall, the market report suggests that the Vancouver real estate market is experiencing price increases and a rebound in sales, despite challenges such as rising mortgage rates. However, it remains to be seen whether these price increases will be sustained throughout 2024.

Click here for a full report.

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