Where should buyers be looking in the Greater Vancouver for 2023?
In my previous post, I reported where sales had soared from December 2021-December 2022 ( one year change). The continual rising interest rates did not stop buyers from locking in to low rates and purchasing homes. For a market with uncertainty, it was the townhomes that held their value. With buyers priced out of detached homes, and condos too small for some families, buyer opted to purchase the in-between product… townhomes.
Buyers best bets for 2023 – Townhome edition
Looking at 2023 and home trends, the “missing middle” will continue to be a hot trend. With families looking for more space, the option of a 3 bedroom townhome with space is what they are looking for.
Maple Ridge
With more land to build on, townhomes sales changed – 5.7 % in a 1 year period with the biggest change in the Silver Valley.
Benchmark Prices for townhomes in Maple Ridge are currently $712,800.00 (below the MLS® HPI Benchmark Price $1,012,700)
Vancouver East
The popular East Vancouver Townhomes felt a bit of a bump last with a – 6.31% decline over 12 months. Although the benchmark price at the end of December was $$1,228,000, there are a few areas where prices are still below the average.
- Champlain Heights $857,400
- Collingwood VE $897,300
- Renfrew VE $880,400
Vancouver West
Although most townhomes in the area are well about one million dollars – Fairview VW offers the best bang for your buck.
With one year prices down -11.02% MLS® HPI Benchmark Price for the area is $960,000 (the average for all Vancouver West is $1,345,700)
Buyers best bets for 2023- Condo edition
Squamish
Down a total of -10.49% since December 2021, this is one area to keep an eye on. The MLS® HPI Benchmark Price for Squamish condos is $501,900 well below the average for Metro Vancouver ( $713,700 ).
Buyers best bets for 2023- Single Family Detached edition
Coquitlam
With an overall change of -2.63% for detached sales in Coqtuilam, some neighbourhoods saw a bigger decline than other areas.
Burke Mountain sales decreased 6.61% from December 2021 to December 2022 with a MLS® HPI Benchmark Price of $1,907,100.
Sales in Chineside Coquitlam saw the largest decline over the 12 month period 1n 11.24% decrease and HPI Benchmark Price $1,463,100.
What will happen in 2023?
With interest rates at the highest they’ve been in years, buyers are worried about affordability and timing the market. With BC to welcome more and more residents in the next 20-30 years, there is a lack of inventory as well as new purpose built housing.
In 2019 over a six month period eighty-eight community stakeholders worked together to identify challenges with the current process. During this time over 70 challenges were put forward, and only one recommendation out of 38 are being looked at according to housing critic Karin Kirkpatrick.
With a growing population it will be imperative for local and provincial governments to figure out a better way to get more housing built and help British Columbians.
Book a Free Consultation with an independent licensed REALTOR® that has local knowledge of new construction sales and and resale opportunities in Port Moody, Coquitlam and Port Coquitlam.
Ivana Smolcic – Royal LePage West R.E.S. at 778-686-8344 or EMAIL
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Information on this webpage is from a variety of sources which may include the developer’s website, advertisements, sales centre, MLS or other sources and is not guaranteed and is subject to change.