Vancouver Real Estate Market Update For February 2023.

A 55.3% decrease from the sales recorded in January 2022, and a 21.1% decrease from the homes sold in December 2022. Find out what it all means in this month's market update video.

This is my one-minute update about the 2 most important things happening in the Vancouver real estate market right now.

Most of my private clients want to know these 2 things.

1. Has the value of my home gone up or down? and
2. If I wanted to sell my home now how long would it take?

* Detached home benchmark prices have taken the largest hit and decreased by 5.0% from this time last year.
* Townhouse benchmark prices decreased by 0.2% year-over-year.
* Condo apartment benchmark prices increased by 1.7% year-over-year.

And if you were to sell your home today and leave Vancouver, using my video marketing process, it would take approximately 3-6 weeks depending on the area you live in.

Now, if you want to know something specific about your home, your neighbourhood, your street, or even your neighbour’s home, just message me below and I’ll get you all the details.

And now, here are the Real Estate Board Of Greater Vancouver Stats

The REGBV reports that residential home sales in the region saw a 55.3 percent decrease from the sales recorded in January 2022, and a 21.1 percent decrease from the homes sold in December 2022.

Last month’s sales were 42.9 percent below the 10-year January sales average.

Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, it was anticipated that sales this month would be among the lowest in recent history.

While sales activity may be half of what it was during the crazy January of 2022, things are definitely picking up right now and buyers have come out in droves.

Inventory is still very low compared to the demand. So when a home hits the market that shows nicely and is priced well, it isn’t lasting very long.

We know the peak for prices in our market occurred last spring. Over the coming months, year-over-year data comparisons will show larger price declines than have been reported up to now.

It’s important to understand that year-over-year calculations are backward-looking. These price declines already happened, and what we are seeing today is that prices may have found a footing, even if it’s an awkward one sandwiched between low inventory and higher borrowing costs.