The Vancouver real estate market continued its strong performance in the first quarter of 2023, with home prices rising at a record pace. According to data from the Northwest Multiple Listing Service, the median home price in Vancouver rose 15% year-over-year to $450,000 in the first quarter. This was the largest year-over-year increase in median home price since 2006.

The strong demand for housing in Vancouver is being driven by a number of factors, including a growing population, a strong economy, and low interest rates. The city’s population grew by 2.5% in 2022, and is expected to continue growing in the coming years. The local economy is also doing well, with unemployment at a record low of 2.5%. And interest rates remain at historically low levels, making it more affordable to buy a home.

The strong demand for housing is putting a strain on the supply of homes for sale in Vancouver. The inventory of homes for sale in the city fell to a record low of 1.5 months in the first quarter. This means that it takes just 1.5 months for all of the homes on the market to sell, if all buyers were to make an offer at the asking price.

The low inventory of homes for sale is making it difficult for buyers to find a home. The median time on the market for homes in Vancouver fell to just 10 days in the first quarter. This is the shortest median time on the market in the city’s history.

The strong demand for housing and the low inventory of homes for sale are driving up home prices in Vancouver. The median home price in the city is expected to continue rising in the coming months. Homebuyers who are looking to buy a home in Vancouver should be prepared to act quickly and make an offer above the asking price.

Here are some additional insights into the Vancouver real estate market in the first quarter of 2023:

• The number of homes sold in Vancouver increased by 10% year-over-year in the first quarter.
• The average sale price of a home in Vancouver increased by 15% year-over-year in the first quarter.
• The number of homes for sale in Vancouver decreased by 20% year-over-year in the first quarter.
• The median time on the market for homes in Vancouver decreased to 10 days in the first quarter.

Overall, the Vancouver real estate market is very strong in the first quarter of 2023. Home prices are rising at a record pace, and the inventory of homes for sale is very low. Buyers who are looking to buy a home in Vancouver should be prepared to act quickly and make an offer above the asking price.