Vancouver home prices rise as buyer confidence improves
Home buyers continue to purchase in Vancovuer – due to the strong economy as well as an increase in migration. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We empower home buyers and sellers with the data they need to be successful. When you arm yourself with transparent data, you will feel more confident in setting the price of your home and selling it or buying at the right price.
Obviously, there are many important factors to consider (what kind of home you have, what community etc.), so it’s important to look specifically at what the housing market is doing in your neighbourhood. It is dead-easy to look at our data with a personal lens.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Vancouver real estate market as of March 2023?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Vancouver sales continue to drop significantly below historical levels.
Home sales in metro Vancouver had a surprising comback in April. Sales were up vs. pre-pandemic levels, while being down vs the last 2 years. There are currently fewer homes for sale, with inventory being down 20% vs the average of the last 5 years. Prices are up 2.4% over last month and down 7.4% over April last year
Vancouver's Detached Homes
There are 31% fewer detached homes for sale right now, vs. the average of the last 5 years. Meanwhile sales were also 9% lower than the 5 year average. Prices are up 2.9% over last month and down 8.8% over April last year
There are 9% fewer apartments for sale in metro Vancouver, vs. the average of the last 5 years. Meanwhile sales were up 6% vs. the 5 year average. Prices are up 2% over last month and down 3.1% over April last year
Vancouver's Attached Homes
There are 19% fewer attached homes for sale in metro Vancouver, vs. the average of the last 5 years. Sales were down 3% vs. the 5 year average. Prices are up 2.1% over last month and down 6.1% over April last year
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 12 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
Want to Buy or Sell Your Home Without an Agent?
Welcome to Bōde
Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
Get started at bode.ca