Dean’s Real Estate Update Feb 2023

Dean’s Real Estate Update Feb 2023

Thanks for checking out my monthly real estate update for South Delta and the Real Estate Board of Greater Vancouver (REBGV).

Here is a link to the complete set of charts and graphs – it may be useful to refer to them as you read through this piece!

Here is a link to the Real Estate Board of Vancouver (REBGV) Monthly Market Report.

Sales for January were historically low: “Last month’s sales were 42.9 per cent below the 10-year January sales average.”

Across the REBGV there were only 296 detached sales, the lowest since 2009 (292 – remember the stock market ‘crash’?)

However there were only 1044 new detached listings last month – the lowest January at least since 2007 from my records!

As a result of this demand/supply dynamic detached prices ‘softened rather than plunged’.

Attached and apartment prices actually showed increases last month – again low demand but even lower supply.

What does this mean moving forward? 

  • I think we have yet to see the presence of those who need, rather than want, to sell.
  • Once the higher interest rates truly begin to show their effect I believe we will see an uptick in the level of ‘sincere’ listings.

I am here to arm you with the best information and give my professional advice so you can make the best decisions to help yourself move forward!

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