, reveals that Metro Vancouver’s real estate market is undergoing a significant shift, driven by a combination of factors.“These positive developments serve as a resounding testament to the indomitable spirit of the real estate market, showcasing its remarkable ability to adapt, thrive, and overcome challenges,” Jamie Squires, President of Fifth Avenue Real Estate Marketing Ltd., says in the report.
South Surrey/White Rock also experienced a resurgence, led by a surge in sales activity. According to the report, the area witnessed a threefold surge in sales activity compared to the previous quarter. This growth can be attributed to increased townhome activity and a limited influx of new developments, resulting in a scarcity of available condominiums in both the high and low-rise segments.
The total inventory released was significantly lower than the previous first quarters. The quarter saw 2,141 total new home sales, the lowest Q1 total since 2013. Although there were declines compared to the same quarter last year, a broader market context and evolving consumer preferences must be considered. Active listings increased by 34% compared to the previous quarter, highlighting an increased supply of options for buyers. This trend extended to the High Rise, Low Rise, and Townhome segments, with notable increases of 38%, 41%, and 20%, respectively.
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