April 2023 Monthly Market Update & March Statistics
How's the Market?
Spring is here and so are the cherry blossoms. But they are not the only things that are blooming. The housing market is also showing signs of life after a sluggish winter. Prices are modestly increasing across all property types, while new listings are still below the historical average for March. The stronger then expected sales in March surprised many economists who predicted a slowdown due to rising interest rates and lower affordability.
Let’s take a closer look at the numbers. According to the Real Estate Board of Greater Vancouver, the benchmark price of all residential properties in Metro Vancouver was $1,143,900 in March 2023, representing a 1.8% increase from February 2023 and a 9.5% decrease from March 2022. The sales volume was 2,511 units, which was 27.4% higher than February 2023 and 40% lower than March 2022. The new listings were 4,949 units, which was 21.8% lower than February 2023 and 22% lower than March 2022.
Single-family homes made the biggest comeback in March, with the benchmark price increasing by 3% from February 2023 to $1,621,100. However, this was still 10.5% lower than March 2022. The sales volume was 734 units, which was 44.8% higher than February 2023 and 41.8% lower than March 2022. The new listings were 1,774 units, which was 26.7% lower than February 2023 and 26.1% lower than March 2022.
Townhomes also saw an increase in price and sales in March, with the benchmark price rising by 1.7% from February 2023 to $813,000. This was still 7.8% lower than March 2022. The sales volume was 466 units, which was 30.5% higher than February 2023 and 30.6% lower than March 2022. The new listings were 787 units, which was 13.4% lower than February 2023 and 14.4% lower than March 2022.
Condos had the smallest increase in price and sales in March, with the benchmark price edging up by 0.9% from February 2023 to $687,000. This was still 4.6% lower than March 2022. The sales volume was 1,311 units, which was 19.4% higher than February 2023 and 44.9% lower than March 2022. The new listings were 2,388 units, which was 19.9% lower than February 2023 and 20% lower than March 2022.
So what does this all mean? Watch the video for my thoughts.
