REBGV Market Activity – May 2023
The Greater Vancouver housing market continued its upward trajectory in May, exhibiting a remarkable recovery. The average home sales achieved an impressive price of $1,311,894, marking the first month of 2023 where the average sale price has surpassed the previous year’s figures. This notable surge is particularly significant when compared to the market bottom observed in January, where properties were selling at an average of $1,167,181. Since then, property values have experienced a commendable recovery, reclaiming $144,713 of the previously incurred losses.
The resilience of the Greater Vancouver housing market is undeniably apparent, as it has recouped a remarkable 81% of the losses suffered during an 11-month period marked by eight consecutive interest rate increases. This substantial recovery has transpired in just four months, showcasing the market’s exceptional adaptability and strength. This upward trajectory not only underscores the enduring robustness of the market but also serves as a testament to its positive momentum… more