February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver's housing market, leading to below-average sales activity.
The Real Estate Board of Greater Vancouver saw residential homes sales total 1,808 in February 2023, a 47.2% decrease from the 3,424 sales recorded in February 2022, and a 76.9% decrease from the 1,022 homes sold in January 2023. Last month's sales total was 33% below the 10-year February sales average.
Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 3,467 in February 2023. This represents a 36.6% decrease compared to the 5,471 homes listed in February 2022 and a 5.2% increase compared to January 2023 when 3,297 homes were listed.
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 a decrease in the combined sales-to-active ratio from last month and now we are in a Balanced Market.
Broken down by property type, the sales-to-active ratio for February 2023 is 16.8% for detached homes, 30.1% for townhouses, and 25.8% 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 Balanced Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,123,400. This represents a 9.3% decrease over February 2022, and a 1.1% increase compared to January 2023.
The total sales for February 2023 were 1,808. This works out to 1,010 detached homes with a benchmark price of $1,813,100, 366 townhouses with a benchmark price of $1,038,500 and 928 apartments with a benchmark price of $732,200.
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!