Market Update

Prices continue rising across Metro Vancouver as home buyer confidence returns

VANCOUVER, BC – May 2, 2023 – With listing activity remaining below historical norms, home sales in Metro Vancouver1 have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.

“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.”

“When we released our market forecast in January, we were one of the only organizations taking the contrarian view that prices were likely to appreciate in 2023,” Lis said. “And what we’re seeing unfold so far this year is consistent with our prediction that near record-low inventory levels would create competitive conditions where almost any resurgence in demand would translate to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.”*

Contact us today for current market conditions in your neighborhood and ask about an obligation-free evaluation for your home!

*Source: Real Estate Board of Greater Vancouver

Paul and Brenda

have 40 years of combined experience successfully selling residential real estate, 

specializing in the sale of properties in West Vancouver and North Vancouver. 

With Paul's many business contacts, and Brenda's exceptional language skills,
it is not uncommon for them to sell homes in Downtown Vancouver, Burnaby and Richmond as well. 

Paul and Brenda's philosophy is a hands on approach to real estate, 

with a personal commitment to never reach a level of business that attention to detail, or interaction with the client suffers. 

When you hire Paul and Brenda you have their full attention with respect to all of your personal real estate needs. 

Thanks to dedication, hard work, and a personal commitment to each and every client, 

Paul and Brenda have been involved in hundreds of residential real estate transactions. 

Paul and Brenda have successfully represented clients in single family sales, 

development properties, new construction, custom home construction, subdivision, 

project marketing, and land assembly. 

Paul and Brenda have enjoyed many successful years of award winning sales achievements and look forward to many more. 

Paul is a lifetime North Shore resident, and obtained his Real Estate Sales License in 1993. Paul also attended the University of British Columbia and obtained his Real Estate Agents 9.15 designation in 1997, which is the highest educational standard for a practicing Realtor in British Columbia. The Agent 9.15 designation is a mandatory requirement for a manager or owner of a real estate company. Paul is currently licensed as the Managing Broker of Reva Realty Group Inc., and is incorporated as a Personal Real Estate Corporation in the province of British Columbia. 

Brenda was born in Taiwan, and grew up in West Vancouver. Brenda became a licensed realtor in 2005, after working in marketing with Sing Tao Newspapers and assisting local developers in project marketing. Brenda has a strong family background in property development and construction, and is fluent in English, Mandarin, Cantonese, and Taiwanese. Brenda's exceptional language skills and natural people skills, have proven invaluable in the diverse ethnic makeup of Vancouver's real estate marketplace. 

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