Prices continue rising across Metro Vancouver as home buyer confidence returns.

The Real Estate Board of Greater Vancouver saw residential homes sales total 2,741 in April 2023, a 16.5% decrease from the 3,281 sales recorded in April 2022. Last month's sales total was 15.6% below the 10-year seasonal average (3,249).

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 4,307 in April 2023. This represents a 29.7% decrease compared to the 6,128 homes listed in April 2022 and a 22% below the 10-year seasonal average (5,525).

Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month and now we are in a Seller's Market.

Broken down by property type, the sales-to-active ratio for April 2023 is 24.4% for detached homes, 40.1% for townhouses, and 37.4% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market and the detached sector is in a Seller's Market.

The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,170,700. This represents a 7.4% decrease over April 2022, and a 2.4% increase compared to March 2023.

The total sales for April 2023 were 2,721. This works out to 808 detached homes with a benchmark price of $1,915,800, 500 townhouses with a benchmark price of $1,078,400 and 1,413 apartments with a benchmark price of $752,300.

Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!


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