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March has shown in comparison to the last 8months, it’s a force beyond which we’ve seenin that time. For the first time since June2022, there may be over 2,000 homes sold ina month in Greater Vancouver. Buyerdemand has increased significantly over whatwe’ve seen in the last 8 months as theadjustment to higher rates continuesamongst would be buyers. And with word ofpotential banking headwinds, could theretreat of interest rates be coming soonerrather than later and help more buyers comeinto the market?At the mid-point of March, there have been 1,184sales in Greater Vancouver, more than the 878that had sold at the mid-point of February, and farhigher than the 334 sales at the mid-point ofJanuary. The shift we saw in February hascontinued and accelerated – as much as it canwithout a significant increase in new listings. Whilethe comparison to last year shows much less salesgiven there were 2,184 sales at this time in 2022,that was the end of the super cycle we sawthrough Covid. March 2022 marked the first of 7rate hikes, which would also end up being thepeak of the market in 2022 with 4,405 sales. And if

we are to again compare to a similar down marketin 2019, at mid-point in March of that year therewere only 864 sales, much lower than we’ve seenat this point in March. That was a far different realestate market.At mid-month in Greater Vancouver there havebeen 2,154 new listings, which is marginally abovethe 1,846 new listings at the mid-point in Februaryand above the 1,379 new listings at the mid-pointof January but far below the 3,531 new listings atthe midpoint of March 2022 and even well belowthe 2,708 new listings at the mid-point of March2019. In West Vancouver, Burnaby and Ladner,there have been fewer new listings in the first halfof March compared to the number in the first halfof February. In Lander there have been more salesthan new listings overall. A further example thatwhile buyers are more engaged in the market,sellers continue to show a reluctance to list theirhomes for sale and help satisfy the increasingbuyer demand. Whether determined to get the saleprices of yesteryear or a reluctance to join thebuyer pool sifting through a short supply of listings,it’s creating the very thing most didn’t think we’dsee in 2023 – competition.

The number of active listings continues to bemaintaining the lows we’ve seen in this currentmarket. With an absorption rate of 55%, which ishigher than we saw in February at 48%mid-month, more new listings are selling than theprevious month. With 8,395 active listings inGreater Vancouver, it’s just above the 7,613 thatwere available at this time last year when weexperienced record lows for the first part of theyear. And that’s much lower than the 19,488 thatwere available in March of 1998. It’s hard toimagine there would be that much less comparedto that period given the increase in population andhousing stock overall in Greater Vancouver.With there being only 10% more active listingsyear-over-year, Greater Vancouver is showingone of the slowest growths in listings in theprovince compared to 2022. And as acomparison to 2019, the absorption rate at themid-month of March that year was 32% - with amuch slower pace of sales. So, while sales arestill below the 10-year average, the lack oflistings is creating a much more competitivemarket compared to 2019 and a sign ofpotential increased demand, if only morelistings would come on the market to fuel it.

Here’s a summary of the numbers:Greater Vancouver1,184 units sold so far in March 2023 compared to878 units sold at mid-month in February 2023334 units sold at mid-month in January 2023793 units sold at mid-month in December 2022795 units sold at mid-month in November 20222,184 units sold at mid-month in March 20222,663 units sold at mid-month in March 20211,378 units sold at mid-month in March 2020864 units sold at mid-month in March 20192,154 new listings so far in March compared to1,846 new listings at mid-month in February 20231,379 new listings at mid-month in January 20233,531 new listings at mid-month in March 20224,267 new listings at mid-month in March 20212,511 new listings at mid-month in March 20202,708 new listings at mid-month in March 2019Total active listings are at 8,395 compared to 7,613at mid-month in March 2022, and 8,072 atmid-month in February 2023.Sales to listings ratio is at 55% compared to 62%at mid-month in March 2022 and 48% atmid-month in February 2023.

Vancouver West211 units sold so far in March 2023 compared to143 units sold at mid-month in February 202362 units sold at mid-month in January 2023157 units sold at mid-month in December 2022135 units sold at mid-month in November 2022402 units sold at mid-month in March 2022394 units sold at mid-month in March 2021259 units sold at mid-month in March 2020176 units sold at mid-month in March 2019467 new listings so far in March compared to354 new listings at mid-month in February 2023303 new listings at mid-month in January 2023695 new listings at mid-month in March 2022736 new listings at mid-month in March 2021463 new listings at mid-month in March 2020564 new listings at mid-month in March 2019Total active listings are at 1,949 compared to 941at mid-month in March 2022, and 1,857 atmid-month in February 2023.Sales to listings ratio is at 45% compared to 58%at mid-month in March 2022 and 40% atmid-month in February 2023.

Vancouver East127 units sold so far in March 2023 compared to95 units sold at mid-month in February 202341 units sold at mid-month in January 202375 units sold at mid-month in December 202271 units sold at mid-month in November 2022244 units sold at mid-month in March 2022304 units sold at mid-month in March 2021163 units sold at mid-month in March 202090 units sold at mid-month in March 2019223 new listings so far in March compared to189 new listings at mid-month in February 2023144 new listings at mid-month in January 2023403 new listings at mid-month in March 2022500 new listings at mid-month in March 2021249 new listings at mid-month in March 2020261 new listings at mid-month in March 2019Total active listings are at 903 compared to 941 atmid-month in March 2022, and 877 at mid-monthin February 2023.Sales to listings ratio is at 57% compared to 61%at mid-month in March 2022 and 50% atmid-month in February 2023.

North Vancouver108 units sold so far in March 2023 compared to68 units sold at mid-month in February 202320 units sold at mid-month in January 202369 units sold at mid-month in December 202279 units sold at mid-month in November 2022174 units sold at mid-month in March 2022205 units sold at mid-month in March 2021114 units sold at mid-month in March 202078 units sold at mid-month in March 2019180 new listings so far in March compared to123 new listings at mid-month in February 202393 new listings at mid-month in January 2023281 new listings at mid-month in March 2022356 new listings at mid-month in March 2021202 new listings at mid-month in March 2020214 new listings at mid-month in March 2019Total active listings are at 455 compared to 443 atmid-month in March 2022, and 425 at mid-monthin February 2023.Sales to listings ratio is at 60% compared to 62%at mid-month in March 2022 and 55% atmid-month in February 2023.

West Vancouver29 units sold so far in March 2023 compared to22 units sold at mid-month in February 20238 units sold at mid-month in January 202328 units sold at mid-month in December 202214 units sold at mid-month in November 202251 units sold at mid-month in March 202270 units sold at mid-month in March 202138 units sold at mid-month in March 202017 units sold at mid-month in March 201977 new listings so far in March compared to84 new listings at mid-month in February 202346 new listings at mid-month in January 2023106 new listings at mid-month in March 2022153 new listings at mid-month in March 2021115 new listings at mid-month in March 2020104 new listings at mid-month in March 2019Total active listings are at 447 compared to 424 atmid-month in March 2022, and 424 at mid-monthin February 2023.Sales to listings ratio is at 38% compared to 4%8at mid-month in March 2022 and 26% atmid-month in February 2023.

Richmond163 units sold so far in March 2023 compared to102 units sold at mid-month in February 202347 units sold at mid-month in January 2023104 units sold at mid-month in December 2022128 units sold at mid-month in November 2022268 units sold at mid-month in March 2022359 units sold at mid-month in March 2021161 units sold at mid-month in March 202094 units sold at mid-month in March 2019264 new listings so far in March compared to255 new listings at mid-month in February 2023196 new listings at mid-month in January 2023460 new listings at mid-month in March 2022555 new listings at mid-month in March 2021303 new listings at mid-month in March 2020365 new listings at mid-month in March 2019Total active listings are at 1,057 compared to 1,021at mid-month in March 2022, and 1,011 atmid-month in February 2023.Sales to listings ratio is at 62% compared to 58%at mid-month in March 2022 and 40% atmid-month in February 2023.

Burnaby East10 units sold so far in March 2023 compared to7 units sold at mid-month in February 20233 units sold at mid-month in January 20237 units sold at mid-month in December 20224 units sold at mid-month in November 202224 units sold at mid-month in March 202232 units sold at mid-month in March 202114 units sold at mid-month in March 202011 units sold at mid-month in March 201922 new listings so far in March compared to12 new listings at mid-month in February 202311 new listings at mid-month in January 202336 new listings at mid-month in March 202262 new listings at mid-month in March 202121 new listings at mid-month in March 202029 new listings at mid-month in March 2019Total active listings are at 77 compared to 65 atmid-month in March 2022, and 81 at mid-month inFebruary 2023.Sales to listings ratio is at 45% compared to 67%at mid-month in March 2022 and 58% atmid-month in February 2023.

Burnaby North80 units sold so far in March 2023 compared to65 units sold at mid-month in February 202321 units sold at mid-month in January 202346 units sold at mid-month in December 202251 units sold at mid-month in November 2022124 units sold at mid-month in March 2022150 units sold at mid-month in March 202168 units sold at mid-month in March 202039 units sold at mid-month in March 2019110 new listings so far in March compared to112 new listings at mid-month in February 202370 new listings at mid-month in January 2023177 new listings at mid-month in March 2022235 new listings at mid-month in March 2021125 new listings at mid-month in March 2020114 new listings at mid-month in March 2019Total active listings are at 380 compared to 305 atmid-month in March 2022, and 395 at mid-monthin February 2023.Sales to listings ratio is at 73% compared to 70%at mid-month in March 2022 and 58% atmid-month in February 2023.

Burnaby South60 units sold so far in March 2023 compared to58 units sold at mid-month in February 202315 units sold at mid-month in January 202357 units sold at mid-month in December 202255 units sold at mid-month in November 2022110 units sold at mid-month in March 2022158 units sold at mid-month in March 202172 units sold at mid-month in March 202045 units sold at mid-month in March 2019101 new listings so far in March compared to113 new listings at mid-month in February 202366 new listings at mid-month in January 2023159 new listings at mid-month in March 2022232 new listings at mid-month in March 2021131 new listings at mid-month in March 2020144 new listings at mid-month in March 2019Total active listings are at 387 compared to 330 atmid-month in March 2022, and 368 at mid-monthin February 2023.Sales to listings ratio is at 59% compared to 69%at mid-month in March 2022 and 51% atmid-month in February 2023.

New Westminster43 units sold so far in March 2023 compared to30 units sold at mid-month in February 202315 units sold at mid-month in January 202331 units sold at mid-month in December 202226 units sold at mid-month in November 2022109 units sold at mid-month in March 2022113 units sold at mid-month in March 202156 units sold at mid-month in March 202032 units sold at mid-month in March 201977 new listings so far in March compared to62 new listings at mid-month in February 202337 new listings at mid-month in January 2023132 new listings at mid-month in March 2022171 new listings at mid-month in March 2021106 new listings at mid-month in March 2020102 new listings at mid-month in March 2019Total active listings are at 238 compared to 202 atmid-month in March 2022, and 227 at mid-monthin February 2023.Sales to listings ratio is at 56% compared to 83%at mid-month in March 2022 and 48% atmid-month in February 2023.

Coquitlam97 units sold so far in March 2023 compared to78 units sold at mid-month in February 202322 units sold at mid-month in January 202345 units sold at mid-month in December 202268 units sold at mid-month in November 2022191 units sold at mid-month in March 2022207 units sold at mid-month in March 2021109 units sold at mid-month in March 202067 units sold at mid-month in March 2019152 new listings so far in March compared to129 new listings at mid-month in February 2023107 new listings at mid-month in January 2023328 new listings at mid-month in March 2022335 new listings at mid-month in March 2021216 new listings at mid-month in March 2020194 new listings at mid-month in March 2019Total active listings are at 469 compared to 490 atmid-month in March 2022, and 485 at mid-monthin February 2023.Sales to listings ratio is at 64% compared to 58%at mid-month in March 2022 and 60% atmid-month in February 2023.

Port Moody37 units sold so far in March 2023 compared to19 units sold at mid-month in February 20232 units sold at mid-month in January 202328 units sold at mid-month in December 202216 units sold at mid-month in November 202255 units sold at mid-month in March 202271 units sold at mid-month in March 202134 units sold at mid-month in March 202023 units sold at mid-month in March 201950 new listings so far in March compared to49 new listings at mid-month in February 202343 new listings at mid-month in January 202376 new listings at mid-month in March 2022102 new listings at mid-month in March 202153 new listings at mid-month in March 202048 new listings at mid-month in March 2019Total active listings are at 177 compared to 109 atmid-month in March 2022, and 203 at mid-monthin February 2023.Sales to listings ratio is at 74% compared to 72%at mid-month in March 2022 and 39% atmid-month in February 2023.

Port Coquitlam28 units sold so far in March 2023 compared to20 units sold at mid-month in February 202316 units sold at mid-month in January 202317 units sold at mid-month in December 202224 units sold at mid-month in November 202269 units sold at mid-month in March 202290 units sold at mid-month in March 202153 units sold at mid-month in March 202036 units sold at mid-month in March 201957 new listings so far in March compared to45 new listings at mid-month in February 202329 new listings at mid-month in January 2023107 new listings at mid-month in March 2022155 new listings at mid-month in March 202176 new listings at mid-month in March 202073 new listings at mid-month in March 2019Total active listings are at 150 compared to 128 atmid-month in March 2022, and 132 at mid-monthin February 2023.Sales to listings ratio is at 49% compared to 64%at mid-month in March 2022 and 44% atmid-month in February 2023.

Ladner23 units sold so far in March 2023 compared to16 units sold at mid-month in February 20235 units sold at mid-month in January 20235 units sold at mid-month in December 20227 units sold at mid-month in November 202221 units sold at mid-month in March 202253 units sold at mid-month in March 202121 units sold at mid-month in March 202011 units sold at mid-month in March 201920 new listings so far in March compared to35 new listings at mid-month in February 202318 new listings at mid-month in January 202331 new listings at mid-month in March 202263 new listings at mid-month in March 202141 new listings at mid-month in March 202040 new listings at mid-month in March 2019Total active listings are at 86 compared to 65 atmid-month in March 2022, and 91 at mid-month inFebruary 2023.Sales to listings ratio is at 115% compared to 68%at mid-month in March 2022 and 46% atmid-month in February 2023.

Tsawwassen13 units sold so far in March 2023 compared to15 units sold at mid-month in February 20237 units sold at mid-month in January 202319 units sold at mid-month in December 202214 units sold at mid-month in November 202248 units sold at mid-month in March 202249 units sold at mid-month in March 202122 units sold at mid-month in March 20207 units sold at mid-month in March 201938 new listings so far in March compared to23 new listings at mid-month in February 202321 new listings at mid-month in January 202348 new listings at mid-month in March 202262 new listings at mid-month in March 202140 new listings at mid-month in March 202057 new listings at mid-month in March 2019Total active listings are at 157 compared to 94 atmid-month in March 2022, and 135 at mid-monthin February 2023.Sales to listings ratio is at 34% compared to 100%at mid-month in March 2022 and 65% atmid-month in February 2023.

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