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!
Last month’s sales were 33 per cent below the 10-year February sales average.
However new listings for February 2023 were 36.6% lower than than what they were for the same month in 2022.
This supply-demand dynamic is resulting in detached HPI (House Price Index) remained fairly even and that for townhomes and apartments to show increases.
Noticeably absent from the market are young buyers (stymied by high borrowing costs) and foreign buyers (now banned by the federal government).
As a result the market appears to be in a bit of a holding pattern during what is typically the busiest time of year for new listings.
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