January 2023 Greater Vancouver Real Estate Market Insights
Welcome to the February 2023 episode of the Presale Pulse, a real estate show brought to you by hosts Ryan Lalonde and Suzana Goncalves. Watch the video to understand the latest macroeconomics, pre-sale, and resale trends over the last 30 days affecting the local real estate market across Metro Vancouver and the Fraser Valley.
This episode covers the following:
BOC Hikes Rate for the 8th Time: No More Increases Expected This Year
The Bank of Canada raised its overnight rate to 4.50% on January 28th, marking the eighth consecutive hike since March of last year. The BOC does not anticipate further hikes for the rest of the year. The Federal Reserve also increased its rate, with Chair Powell indicating that rates will not be cut this year. Stay ahead of the rate announcements by following economic updates and comparing them to the BOC’s forecast.
Presale Programs Receive Strong Interest: New Launches to Watch in 2023
Three presale programs, South Yards, The Loop, and Lucent, confirmed launches in January and received strong attention. Sales for South Yards began in February, selling 30-40% of its inventory for around $1,250 per sqft. The next wave of launches could be in Metrotown, with Perla by Polygon, Citizen by Anthem, and Riviera by Ledingham Macallister planning to launch soon. Curve by Brivia Group is expected to begin sales in March, targeting around $3,000 per sqft.
Housing Market Decreases in January 2023: Established Markets to Continue Strong Performance
In January 2023, the sale of homes decreased by 55% compared to January 2022 and 42% below the 10-year average, the lowest start to the year since 2009. The market is impacted by higher interest rates, but good products are moving. Benchmark pricing was stable in January and is unlikely to see significant price movements unless there is a change in seller sentiment and a wave of inventory entering the market. The more established markets like Burnaby, Coquitlam, and pockets of Vancouver will continue to perform well, while the future of growing markets like Maple Ridge, Port Coquitlam, and the Fraser Valley remains uncertain.
Subscribe to the MLA Canada YouTube Channel or find the Pre-Sale Pulse on your favourite audio streaming platform: Apple, Spotify, Amazon Music, iHeart Radio
