January 2023 Market Update
Welcome, 2023 ~ a new year of new beginnings awaits you! With fresh starts comes endless opportunities to “try and try again”… I hope this year you can use the wisdom gained from the year behind you to guide you closer to the possibilities that lie ahead!
January’s thought of the month comes to you from Barbara Shur ~“You can learn new things at any time in your life if you’re willing to be a beginner. If you actually learn to like being a beginner, the whole world opens up to you.” May you find courage in 2023 to be a beginner; finding new opportunities to learn, grow and simply start!
A few updates to kick off the New Year:
- According to December’s report from the Real Estate Board of Greater Vancouver, Benchmark condo prices ended the year at $713,700 – a 1.7 percent increase from the benchmark price reported in December 2021. While sales were down approx. 52% from December 2021, there were 1,295 residential properties sold in December 2022, compared to a total of 1,206 new listings. The resulting sales-to-new-listing ratio of 107% is amongst the highest seen throughout 2021-2022. You can read more about this HERE.
- According to BC Assessment, 2023 assessments have been mailed to 1,089,000 properties throughout the Lower Mainland as of January 3rd, 2023, which are reflective of market values as of July 1, 2022. Reports show that assessments are up, despite the softening market. According to BC Assessment, “for both single-family homes and condos in Greater Vancouver, most homeowners can expect about a 9% rise in value.” The Lower Mainland totaled $1.94 trillion in assessed value which is 71% of BC’s total. You can find more information about 2023 property assessments HERE.
Should your next “new beginning” mean finding a new address, you know where to find me. Otherwise, I am wishing you a Happy New Year and all the best for a fabulous 2023!