{"id":21653,"date":"2023-04-11T10:10:00","date_gmt":"2023-04-11T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21653"},"modified":"2023-04-11T10:18:56","modified_gmt":"2023-04-11T17:18:56","slug":"the-spring-housing-market-is-already-on-track-despite-elevated-borrowing-costs","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/04\/the-spring-housing-market-is-already-on-track-despite-elevated-borrowing-costs\/","title":{"rendered":"The Spring Housing Market is Already on Track, Despite Elevated Borrowing Costs"},"content":{"rendered":"

The Real Estate Board of Greater Vancouver says home sales fell 42.5% in March from a year ago and were 28.4% below the 10-year seasonal average.
\nLast month’s sales totalled 2,535 compared with 4,405 sales in March 2022 and 1,808 in February.<\/p>\n

The BC board says the numbers signal that March home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.<\/p>\n

It also found there were 4,317 new listings, a 35.5% decrease from March 2022 and 22.3% below the 10-year seasonal average.<\/p>\n

The board says the composite benchmark price for all residential properties in Metro Vancouver reached $1,143,900, a 9.5% decrease from March 2022 and a 1.8% increase compared with February.<\/p>\n

The board foresees further price increases as the year progresses.<\/p>\n

\u201cOn the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about 1% to 2% across all product types,\u201d Andrew Lis, the board’s director of economics and data analytics said in a press release.<\/p>\n

\u201cThe 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 favourable market conditions.”<\/p>\n

BC Board : Vancouver’s March Home Sales Down 42.5% from A Year Ago<\/a> by The Canadian Press | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"

The Real Estate Board of Greater Vancouver says home sales fell 42.5% in March from a year ago and were 28.4% below the 10-year seasonal average. Last month’s sales totalled … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-21653","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nThe Spring Housing Market is Already on Track, Despite Elevated Borrowing Costs • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/04\/the-spring-housing-market-is-already-on-track-despite-elevated-borrowing-costs\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Spring Housing Market is Already on Track, Despite Elevated Borrowing Costs • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Real Estate Board of Greater Vancouver says home sales fell 42.5% in March from a year ago and were 28.4% below the 10-year seasonal average. 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