Greater Vancouver’s Property Market Resilient as Q1 2023 Draws to a Close: Prices Recover and Demand Resurges.
REBGV Market Activity – March 2023
As the first quarter of 2023 draws to a close, Greater Vancouver’s real estate market has continued to rally, with aggregate home values soaring to an average sales price of $1,269,098. The largest gain was observed in the detached market, where the average price surged to $2,175,092, marking a significant 14% increase or a gain of $265,991 compared to the market low experienced in January, when the average price was $1,909,101.
Moreover, the townhouse and condo markets also showed a marginal increase in average sale prices during March. The average townhouse price rose to $1,093,140, representing a modest $11,326 uptick, while the average condo price reached $785,785, marking an increase of $7,187 from the previous month.
Despite early concerns of a possible recession, the real estate market has remained resilient, with home sale prices remaining steady. Although values had initially dropped by 13% from peak values at the beginning of the year, they have since recovered by…more
