OVERALL MARKET SUMMARY

These statistics not only showcase the diversity of choices available to buyers but also affirm the industry’s commitment to meeting evolving market demands. As active listings continue to expand, opportunities for buyers and investors grow, setting the stage for a dynamic and thriving marketplace.

In the face of evolving challenges and changing market dynamics, Metro Vancouver’s multi-family residential real estate market remains steadfast and poised for success. By embracing the opportunities presented by increased listings and leveraging our collective expertise, we are empowered to forge ahead with confidence and unlock the boundless potential that lies ahead.

Q1 – Observation and Opinions

The landscape of the real estate market in Metro Vancouver is undergoing a significant transformation, influenced by various factors that shape the industry’s dynamics. As we delve into the latest developments, it is evident that opportunities for growth and progress lie ahead.

At the forefront of this analysis is the decision of the Bank of Canada to maintain the overnight lending rate at 450 basis points. This noteworthy development marks a shift from the previous trend of consistent rate increases, instilling a sense of optimism and potential for lower interest rates in the future. It is important to note that the Bank of Canada remains committed to its quantitative tightening policy, should it be deemed necessary to maintain stability and control.

While the pause in overnight rate increases fosters a positive outlook, it is essential to acknowledge the broader context of borrowing costs. Overall, borrowing costs remain at or near all-time highs, contributing to a decrease in purchasing activity. However, the landscape is not without its silver linings. Positive migration patterns have resulted in increased rental demand, leading to record-high rental rates. This dynamic signals a resilient and thriving rental market that presents its own set of opportunities for investors and developers. Looking ahead, there is a growing sense of optimism regarding the buying activity in Metro Vancouver for the latter half of the year.

Successful launches in the First Quarter have laid the foundation for this renewed confidence, and it is anticipated that additional launches in the Second Quarter of 2023 will further bolster developer confidence, prompting them to move forward with their respective projects. Notable projects that could launch in the First or Second Quarter of 2023 include: Vancouver Downtown – Brivia Group’s CURV, Anthem’s Park; Vancouver West - Solterra’s Italia, Alabaster’s Thesis, Polygon’s Wordsworth; Vancouver East - First Track Development’s Woodland Block, Streetside Developments’ Bailey; Burnaby - Anthem’s Citizen, Aragon’s Timber House, Kingborn’s Koi; North Shore - Mosaic’s Towns at Lynn, Anthem’s Eastwoods; Tri-Cities - Edgar Developments’ Portwood, Intracorp’s Gardena, Kadium Properties Burqville; Richmond/South Delta – Executive Group Development’s West Coast Estates (Condos), Aquilini’s Salt and Meadows 3; South Surrey/White Rock - Landmark Premiere Properties Foster Martin (Tower 3); Central Surrey/North Delta - ML Emporio’s Sequoia, Dawson + Sawyer Fleetwood Village Buildilng 4&5, Streetside Developments’ Juno; Langley/Cloverdale – Park Ridge Homes’ Kinship, Quarry Rock Developments’ The Willoughby, Mortise’s Unison; Abbotsford/Mission - Pacific Hills Development’s Westminster Plateau, AB Wall’s Highstreet Village Phase 3, Westcorp’s Cherryville; Ridge-Meadows - Pacific Vision Development’s La Riviere, Falcon Homes’ The North.