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February 2023 Market Update

 
New listing activity remains among the lowest in recent history and sales are struggling to hit typical levels for this point in the year.
 
Home sales totaled 1,808 that is a 47% decrease compared to February 2022 and a 77% increase compared to January 2023.
 
While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up. In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady.
 
If you are looking to buy, sell or have questions about real estate, please give me a call.
Victor Song PREC*
Royal LePage Sterling Realty
604-779-8408
info@victorsong.com
www.victorsong.com



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