Supply of property listings is low, prices are rising, seller’s market persists.

The Market Intelligence Report released by the British Columbia Real Estate Association (BCREA) on May 25, 2023, provides a comprehensive overview of the real estate market in British Columbia. In particular, the report focuses on the state of Vancouver's housing market, which has experienced a significant increase in demand recently. As a result, there is a shortage of available listings, and prices have gone up.

The report identifies three levels of listings: Level 1, Level 2, and Level 3. Level 1 listings are typically new to the market, priced at or near market value, and receive the most attention from buyers. Level 2 listings, on the other hand, have been on the market for a longer duration and may require price adjustments or other marketing strategies to attract buyers. Level 3 listings are typically those that have been on the market for an extended period and may require significant price reductions or other incentives to attract buyers.

According to the report, the majority of listings in Vancouver are at Level 1, with limited inventory at Levels 2 and 3. This has resulted in a highly competitive market for buyers, with bidding wars and multiple offers becoming increasingly common. To attract more buyers and potentially achieve a quicker sale, the report suggests that sellers may benefit from listing their properties at Level 2 or 3.

Overall, the report indicates that Vancouver's housing market continues to be a seller's market, with high demand and limited inventory driving up prices. However, the report also suggests that there may be opportunities for buyers and sellers to take advantage of the various listing levels to achieve their respective goals.

In summary, the BCREA Market Intelligence Report provides an insightful analysis of the Vancouver housing market, highlighting the challenges faced by buyers and sellers alike. By understanding the different listing levels and the strategies that can be employed to navigate them, buyers and sellers can make informed decisions and maximize their chances of success.

Source: BCREA Market Intelligence Report