Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages. March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.
Home sales totaled 2,535 that is a 43% decrease compared to March 2022 and 28% below the 10-year March sale average.
If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer. But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, home sales will remain lower than we’re accustomed to seeing at this point in the year.
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