As expected the spring market has already seen and uptick in Greater Vancouver Real Estate. Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages. In fact, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two percent across all product types. The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favourable marke conditions.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 percent decrease over March 2022 and a 1.8 percent increase compared to February 2023.  Simply put, we need more listings to support more sales. Buyer demand is strong and we are experiencing increasing multiple offer situations on the good properties. By “good properties” we are referring to properties that are move-in ready, recently updated and have very little objections for most buyers.

When looking at market statistics it is important to keep in mind that trends may differ based on location, price point and property type. Whether you’re curiously keeping your eye on the market or actively considering a move we encourage you to take the time to understand what is happening in your local market. That way when the time comes you will feel confident in making an informed decision. If you think you’d benefit from a conversation or would like to see more on specific market statistics please reach out. We are always happy to help provide insights or paint a clearer picture of your local market.

Multiple Offers Webinar

What to expect when buying & selling

April 12, 2023 11:00AM

Given that we are now experiencing multiple offer situations in our market place, we have decided to host a webinar to shed some light on what to expect on offer day. During this webinar we will also discuss strategies and tips to help both buyers and sellers feel successful in multiple offer scenarios. Those of which we’ve used to help many clients prepare for the big day. 

If you’re interested but are unable to attend the live webinar, you can still register to receive the recording which will be sent out the following day. 

REGISTRATION LINK (ZOOM)


Attached Properties

Vancouver Downtown - Attached 

  • Balanced market at 20% sales ratio average (2 in 10 homes selling rate).
  • Sale to List Price Ratio: homes are selling on average 100% of list price.
  • Inventory: up by 10% over last month.
  • Most Active Price Band: $500,000 to $600,000 with average 53% sales ratio (sellers market).
  • Buyers Best Bet: homes between 2.25 mil  to $2.75 mil, Coal Harbour and minimum 3 bedroom properties.
  • Sellers Best Bet: selling homes in Downtown and up to 1 bedroom properties.
Vancouver Westside - Attached 
  • Sellers market at 33% sales ratio average (3.3 in 10 homes selling rate).
  • Sale to List Price Ratio: homes are selling on average 2% above list price.
  • Inventory: levels are equal to last month.
  • Most Active Price Band: $500,000 to $600,000 with average 81% sales ratio (sellers market).
  • Buyers Best Bet: homes between $1.75 mil to $2 mil, Cambie, South Cambie, South Granville and minimum 4 bedroom properties.
  • Sellers Best Bet: selling homes in Kitsilano and up to 1 bedroom properties.
Vancouver Eastside - Attached
  • Sellers market at 38% sales ratio average (3.2 in 10 homes selling rate).
  • Sales to List Price Ratio: homes are selling on average 1% above list price.
  • Inventory: up by 1% over last month.
  • Most Active Price Band: $500,000 to $700,000 with average 53% sales ratio (sellers market).
  • Buyers Best Bet: home between $1.5 mil to $1.75 mil, Killarney, South Vancouver and minimum  4 bedroom properties.
  • Sellers Best Bet: selling homes in Champlain Heights, Main and 2 bedroom properties.
South Surrey, White Rock - Attached
  • Sellers market at 58% sales ratio average (5.8 in 10 homes selling rate).
  • Sales to List Price Ratio: homes are selling on average 2% below list price.
  • Inventory: down by 3% over last month.
  • Most Active Price Band: $500,000 to $600,000 with average >100% sales ratio (sellers market).
  • Buyers Best Bet: home between $1.25 mil to $1.5 mil, White Rock and 2 bedroom properties.
  • Sellers Best Bet: selling homes in Elgin Chantrell, King George Corridor, Morgan Creek and minimum 4 bedroom properties.

Detached Properties

Vancouver Westside - Detached

  • Balanced market at 20% sales ratio average (2 in 10 homes selling rate).
  • Sale to List Price Ratio: homes are selling on average 1% below list price.
  • Inventory: down by 1% over last month.
  • Most Active Price Band: $2.5 mil to $2.75 mil with average 90% sales ratio (sellers market).
  • Buyers Best Bet: homes between $5.5 mil to $6 mil, Kerrisdale, Oakridge, Shaughnessy and minimum 7 bedroom properties.
  • Sellers Best Bet: selling homes in Arbutus, Kitsilano and 3 to 4 bedroom properties.
Vancouver Eastside - Detached 
  • Sellers market at 29% sales ratio average (2.9 in 10 homes selling rate).
  • Sales to List Price Ratio: homes are selling on average at 2% above list price.
  • Inventory: down by 1% over last month.
  • Most Active Price Band: $1.25 mil to $1.5 mil with average >100% sales ratio (sellers market).
  • Buyers Best Bet: homes between $2.75 mil to $3.5 mil, Collingwood, Hastings and minimum 7 bedroom properties bedroom properties. 
  • Sellers Best Bet: selling homes in Knight, Victoria and up to 2 bedroom properties.

North Vancouver - Detached 

  • Sellers market at 41% sales ratio average (4.1 in 10 homes selling rate).
  • Sale to List Price Ratio: homes are selling on average 100% of list price.
  • Inventory: up by 23% over last month.
  • Most Active Price Band: $1.5 mil to $1.75 mil with average > 100% sales ratio (sellers market).
  • Buyers Best Bet: homes between $3.5 mil to $4 mil, Canyon Heights, Edgemont and minimum 7 bedroom properties.
  • Sellers Best Bet: selling homes in Lynn Valley, 3 to 4 bedroom properties.

West Vancouver - Detached 

  • Buyers market at 13% sales ratio average (1.3 in 10 homes selling rate.)
  • Sale to List Price Ratio: homes are selling on average 5% below list price.
  • Inventory: up by 1% over last month.
  • Most Active Price Band: $2.5 mil to $2.75 mil with average 38% sales ratio (sellers market).
  • Buyers Best Bet: homes minimum $6.5 mil plus, in Altamont, British Properties, Glenmore and Lions Bay.
  • Sellers Best Bet: selling homes in Ambleside, Caulfield, Dundarave and minimum 7 bedrooms. 

South Surrey, White Rock - Detached 

  • Sellers market at 27% sales ratio average (2.7 in 10 homes selling rate.)
  • Sale to List Price Ratio: homes are selling on average 100% of list price.
  • Inventory: up by 4% over last month.
  • Most Active Price Band: $1.5 mil to $1.75 mil with average 76% sales ratio (sellers market).
  • Buyers Best Bet: homes between $4 mil to $4.5 mil, Crescent Beach, Elgin Chantrell, White Rock and minimum 7 bedrooms.
  • Sellers Best Bet: selling homes in Morgan Creek, Pacific Douglas and 3 to 4 bedroom properties.
Posted by Glenn and Brittany Real Estate on

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