2023 Housing Market in Metro Vancouver Shows Resilience
According to the Real Estate Board of Greater Vancouver the year ended with the market showing resilience in the face of the highest mortgage rates in over a decade.
While sales overall for the year were 23 per cent below the ten-year average, this was a strong performance in the market considering borrowing rates and consumer concerns over how much more the Bank Of Canada will raise rates. Despite consumer concerns regarding interest rates, the economy, and inflation, Metro Vancouver’s prices rose by five per cent plus across all market segments. This is party due to the low inventor of homes available starting early in the year and continuing through spring which put upward pressure on prices. Overall, the housing numbers demonstrate that in spite of the intimidating market conditions Metro Vancouver remains a desirable destination for homeowners.
If you would like to discuss the market conditions in your area or specifically for your home, please contact me, I would be happy to consult with you.
Wishing you a safe and happy year ahead.