Greater Vancouver Real Estate Statistics - February 2023
Posted on Mar 13, 2023 in Market Update
Provincial Housing Market Showing Signs of Recovery Heading into Spring
The British Columbia Real Estate Association (BCREA) reports that a total of 4,775 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in February 2023, a decrease of 46.5 per cent from February 2022. The average MLS® residential price in BC in 2023...
Getting ready for the Spring Market
Posted on Mar 08, 2023 in Market Update
Preparing for the Spring Market
According to the Canadian Real Estate Association, the Spring market is anticipating a drop in home prices edging down approximately 6% from 2022, putting the average home price at $662,103 in 2023. The downward trend stems from rising interest rates and continued uncertainty in the marketplace.
In some cases, sellers...
BCREA Commercial Leading Indicator (CLI) Declined
Posted on Mar 02, 2023 in Market Update
CLI Falls in Fourth Quarter 2022In the fourth quarter of 2022, the BCREA Commercial Leading Indicator (CLI) dropped to 148 from 149, and the six-month moving average continued its downward trajectory. Compared to the same quarter in 2021, the index was down by 2 percent.
It is important to note that the environment for commercial real estate remains...
Vancouver Real Estate Market Update - March 2023
Posted on Mar 02, 2023 in Market Update
Below-average home sales allow inventory to inch upwards
February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region has continued inching...
Canadian GDP Slows in Q4 2022, Supporting BoC Rate Pause
Posted on Feb 28, 2023 in Market Update
Bad News Is Good News for the Bank of Canada
Statistics Canada released the real gross domestic product (GDP) figure for the final quarter of 2022 this morning, showing a marked slowdown in economic activity. This will undoubtedly keep the central bank on the sidelines when they announce their decision on March 8. The Bank had estimated the Q4 growt...
Canadian Inflation Slows, Signaling Rate Pause in March
Posted on Feb 21, 2023 in Market Update
Further Decline in Inflation in January Affirms Bank of Canada Pause in March
Canadian inflation decelerated meaningfully in January despite the continued strength in the economy. Labor markets remain very tight, and retail sales continue to be strong. Nevertheless, the Bank of Canada's jumbo rate hikes over the past eleven months have tempered infl...
