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July 2023 Market Update
MARKET UPDATE

Home prices across all home types in Metro Vancouver1 rose again in July, as strong sales figures continue to push up against low levels of housing inventory the region.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909).
 
“While sales remain about 15 per cent below the ten-year average, they are also up about 30 per cent year-over-year, which is not insignificant,” Andrew Lis, REBGV’s director of economics and data analytics said. “Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”
 
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June 2023 Market Update
Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent belowthe 10-year seasonal average (3,269).
 
“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”
 
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May 2023 Market Update

Competition among buyers in Metro Vancouver’s housing market heats up as summer arrives

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. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,411 in May 2023, which is a 15.7 per cent increase from the 2,947 sales recorded in May 2022, and a 1.4 per cent decline from the 10-year seasonal average (3,458). 

“Back in January, few people would have predicted prices to be up as much as they are – ourselves included,” Andrew Lis, REBGV’s director of economics and data analytics said. “Our forecast projected prices to be up modestly in 2023 by about two per cent at year-end. Instead, Metro Vancouver home prices are already up about six per cent or more across all home types at the midway point of the year.” 

    

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April 2023 Market Update

With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249). 

“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.” 


   

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March 2023 Market Update

Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages.  

March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,5352 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540). 

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” Andrew Lis, REBGV’s director of economics and data analytics said. “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 favorable market conditions.” 


    

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Recipe of the Month

 

Gnocchi Primavera

INGREDIENTS

  • Kosher salt
  • 1 - 17.5 oz package of gnocchi
  • 3 tbsp extra-virgin olive oil
  • 1 leek (cut into 2 inch pieces)
  • 8 oz sugar snap peas
  • 8 small radishes, trimmed and quartered
  • Freshly ground pepper
  • 2 tbsp unsalted butter
  • 1/4 cup grated parmesan
  • 1 tsp finely grated lemon zest
  • 1 tbsp finely chopped parsley

DIRECTIONS

  • Bring a large pot of salted water to a boil. Add the gnocchi and cook as the label directs. Reserve 1 cup cooking water, then drain.
  • Meanwhile, heat the olive oil in a large skillet over medium-high heat. Add the leek and cook, stirring occasionally, until it softens and just starts browning, about 3 minutes. Add the radishes, sugar snap peas, 1/2 teaspoon salt and a few grinds of pepper. Cook, stirring often, until the peas are bright green and crisp-tender, 5 to 6 minutes.
  • Add the gnocchi to the skillet along with 3/4 cup of the reserved cooking water, the butter, grated parmesan, lemon zest and parsley. Remove from the heat and gently stir until the gnocchi are well coated and the cheese melts, adding more cooking water as needed to loosen. Top each serving with shaved parmesan.
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Community Shout Out!

This is a special shoutout to one of our favorite local coffee shops located in

Maple Ridge. THE NUT isn't just about coffee, they are about healthy choices,

support local and work with over 45 small businesses.


When you enter THE NUT, you are welcomed with a smile and genuine kindness.

Not only do they have delicious coffee (brewed with JJ Beans), they also have an array of grab-and-go

eats and goods. (GF and Vegan options available) Head on over and say hi, you will be glad you did!


THE NUT is passionate about supporting local and work with over 45 small businesses.They are a hub

built for gathering and an incubator of community.

 
Keep an eye out for theie next Market where you will find a great selection of small makers from Maple Ridge. 
 
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.