May 2023 Market Insights – Watch REGBV May 2023 overview of housing market activity in Metro Vancouver: “While the year started slower than usual, Metro Vancouver’s housing market is showing signs of heating up as summer arrives, with prices increasing for the sixth consecutive month. It is clear that there are more buyers relative to the number of willing sellers in the market. This is keeping the amount of resale homes available in short supply, and in turn, is increasing home prices.”
May 2023 Market Insights
Sales-to-active listings ratio for May 2023
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 % for a sustained period, while home prices often experience upward pressure when it surpasses 20 % over several months. You can see more details on Real Estate Board of Greater Vancouver Market Watch.
28.5 % – Seller’s Market
45% – Seller’s Market
45.5 % – Seller’s Market
Check our Market Statistics page to see detailed May 2023 market insights for Greater Vancouver & Fraser Valley, broken out by city and housing type (detached homes, condos, townhouses) . The movements in prices, sales, number of days a listing is on the market, and sales to active ratio by city will give you a real understanding of how the market is shifting neighbourhood by neighbourhood. This is really important: Greater Vancouver is made up of a lot of local markets, which can move very differently! For example, the market might be HOT in Maple Ridge and slow in Vancouver, or HOT for condos and slow for detached homes… and it is shifting all the time! Sometimes the shifts are small, other times they are very significant. We track movements across the entire region – contact us for further insights!
Check our other blogs under Videos – that might give you answers about buying or selling a home.
If you are interested in Real Estate in general, and want to get updates, check out our:
- Real Estate Blogs: we update content with news, trends, useful tips for buyers and sellers on a regular basis.
- Thinking of a home renovation? you might find business to help you here: Professionals and Contractors
If you plan on Buying a home:
- Work out how much your mortgage payments will be: Mortgage Calculator
- Calculate how much you will owe to ensure you have enough money to complete on your purchase: Property Transfer Tax Calculator
- How much you can really afford to spend on your new home: Affordability Calculator
- To see the Available Listings or Sold Prices in your favourite cities start your search on Communities page
If you plan on Selling your home:
- Check first what our clients are looking for on Sell my house FAST page. Our clients are qualified and ready to write offers at the market price!
- Check the Listing Prices and the Sell Prices of similar properties in your neighbourhood on the Search by Map page.