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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!
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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