May 2023 Market Update

Over 10,800 new homes approved by Vancouver City Council in 2022

The final tally is in: 10,825 new housing units were approved by Vancouver City Council in 2022, marking a record for the second year in a row.

It is the highest total in recent decades and far exceeds the City of Vancouver's current 10-year average and the targets of the 10-year Housing Vancouver strategy between 2018 and 2027.

Housing Vancouver aims to catalyze the approval of 72,000 units over its 10-year timeline or 7,200 each year. The figure for 2022 represents a 150% achievement above the annual target.

This is also up from a total of about 8,800-unit approvals in 2021, and 7,900 in 2020.

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B.C. Real Estate News

BRITISH COLUMBIA

Generation X leads buying activity in B.C.'s recreational property market: report (BIV)

It's a slow spring for B.C.'s housing market, but prices have begun inching up (Vancouver Sun)

LOWER MAINLAND

Pre-COVID home sales in Vancouver not expected to rebound until 2025 (Daily Hive)

After economy posts strong start to 2023, new data suggests slowdown has begun (Western Investor)

Average home price will not revert to pre-pandemic levels this year: CMHC (BIV)

Data points: B.C. home sales register first back-to-back monthly gain in a year (BIV)

Metro Vancouver calls for developers to pay even more (Delta Optimist)

VICTORIA & VANCOUVER ISLAND

Vancouver Island ranked as best place to buy in B.C. (BIV)

More inventory needed to supply spring demand in Greater Victoria real estate market (Saanich News)

OKANAGAN

Okanagan residential real estate sales dip by 30% year over year (Global News)

Penticton taking over from Kelowna as Okanagan real estate hotspot (kelownacapnews)