VANCOUVER REAL ESTATE MARKET UPDATE FOR MARCH 2023

Home prices across Metro Vancouver's housing market showed modest increases in March, while new listings remained below long-term historical averages.

The Real Estate Board of Greater Vancouver saw residential homes sales total 2,535 in March 2023, a 42.5% decrease from the 4,405 sales recorded in March 2022, and a 28.4% below the 10-year seasonal average (3,540).

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 4,317 in March 2023. This represents a 35.5% decrease compared to the 6,690 homes listed in March 2022 and 22.3% below the 10-year seasonal average (5,553).

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 March 2023 is 23.3% for detached homes, 36.7% for townhouses, and 34.9% 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 $1,143,900. This represents a 9.5% decrease over March 2022, and a 1.8% increase compared to February 2023.

The total sales for March 2023 were 2,511. This works out to 734 detached homes with a benchmark price of $1,861,800, 466 townhouses with a benchmark price of $1,056,400 and 1,311 apartments with a benchmark price of $737,400.

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!