February 2023 Greater Vancouver Housing Market Update
Contrary to popular belief, Vancouver's housing market is still doing well. Properties are being sold quickly and at high prices.
Although the median home price in Metro Vancouver had declined by 10% from $1.98m in January 2022 to $1.8m in January 2023, the condo market had only experienced 3% price $1.05m to $1.02m during the same period.
“Higher interest rates have slowed the property market”
Market expectations were that the doubling in mortgage interest rates over the past one year would have cause a panic to home sellers wanting to sell before home buyers moving to the sideline. Higher interest rates, stricter mortgage lending rules and home buyer sentiment had all contributed to the decline in property prices the past few months.
There are many homebuyers having the perception that home prices will continue to fall. But, the last month's rush of buyers and many homes experiencing multiple offers had generated fierce debates in the industry whether home prices had infact bottomed out. But, home sales data for Februatry were not supporting a continued decline in home prices.
A limited supply continued to support high property prices at current level causing some buyers to jump into the market, with many homes going into contract in just a few days after showing on the market.
Quick search for homes for sale on the MLS® system.