VANCOUVER REAL ESTATE MARKET UPDATE FOR APRIL 2023

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!