Sales🔼 : 26.9% increase compared from February 2022, and and 23.9% decrease from March 2021. Last month’s sales were 25.5% above the 10-year December sales average.
Inventories🔽 : 13.1% decrease compared to February 2022 (6742) and a 16.6% decrease compared to February 2021 (9145).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,360,500. This represents a 3.6% increase over February 2022 and 20.7% increase compared to March 2021.
My comments:
The stats above might look like we are still in a bidding war market, we noticed market has slowed down in the past few weeks with the interest rate increase and the uncertainties with things going on in the world. There are still bidding wars, reasons 1. The asking price was low to begin with and it will naturally attract offers. 2. The desirable properties (ie. ideal location, rental suite etc) are still getting sold for higher prices. However, there are less offers and prices sold in generally are not as high as a month or 2 ago. What we recommend clients who plans to do jump transactions (selling and buying) could consider selling first while price is still high and wait for a bit for the buying side. The market will cool off more with each interest increase. This way we can maximize the profit and take the time for the buying side. This is especially the case for detached properties. The market has slowed down close to 2 months ago and strata properties around $500-$600k range are still going strong.
Enough about the serious stuff, hope you all get to enjoy the cherry blossoms this year. I would like to share a hidden spot that we discovered in the neighbourhood in North Burnaby on Grant Pl and Sperling Ave. It’s a short block and no one has mentioned it on social media (yet). Enjoy!
