Infographic: Greater Vancouver Residential Real Estate February 2023
Home sales in Greater Vancouver are still below historical levels; this has resulted in an increase of homes available for purchase, creating a favorable environment for buyers looking to build up their inventory. Additionally, due to the shortage of new listings and sales activity, there is a possibility of modest price hikes in the upcoming months.
These residential market statistics from the Real Estate Board of Greater Vancouver provide insight into the current state of the residential home market, including home values, which directly impact the development land market. Contact us today if you would like to learn what your property is worth on the development land market.
GREATER VANCOUVER FEBRUARY 2023 FEATURED Residential Market STATISTICS
- The reluctance among prospective sellers to engage in Metro Vancouver’s housing market has led to a 47.2% decrease in residential home sales in February 2023, compared to the same period last year. With sales remaining well-below historical norms, the number of available homes for sale in the region has continued inching upwards, resulting in a 16.7% increase in homes currently listed for sale on the MLS® system in Metro Vancouver compared to February 2022. This increase indicates a buyer’s market in the region, with sellers finding it challenging to secure interested buyers.
- The benchmark price for detached properties in Metro Vancouver has increased by 0.7% compared to January 2023, marking the first time since May 2022 that detached homes saw an increase in benchmark prices. However, this price increase is still lower than the benchmark price in February 2022, with a 12% decrease. This trend could indicate that the detached home market is stabilizing, and prices may continue to increase in the coming months.
- The sales-to-active listings ratio for all property types in Metro Vancouver is 23%, which is above the threshold for upward pressure on home prices. However, the ratio varies significantly by property type, with detached homes and townhouses remaining in a balanced market, while condos are currently in a seller’s market.
HPI Benchmark Price of Detached Homes
For the first time since May 2022, benchmark prices saw an increase for detached homes. All other product types followed a similar trend.
Sale Price As a Percent of Original List Price
There is a gradual but noticeable increase in the average percentage of the original sale price, which marks a departure from the trends observed over the past few months. Although the change is relatively minor, it represents a positive shift in the market.
Days on Market
The average days on market for all product types in Metro Vancouver dropped on average of 23%.
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GREATER VANCOUVER RESIDENTIAL REAL ESTATE: FEBRAURY 2023 statistics in infographics
Sales To Active Listings Ratio
There was a significant increase in the Sales to Actives Ratio for all property types. Townhouses experienced the largest increase, while detached homes saw a moderate increase and condos had the smallest increase. Detached homes and townhouses remain in a balanced market, while condos are currently in a seller’s market. There is strong demand for all types of properties except detached homes, which saw a slight decrease in demand compared to townhouses and condos.
HPI Benchmark Prices
The Home Price Index (HPI) measures the price of a benchmark, or typical, property in a given market and is not influenced by the change in composition of properties sold, which can fluctuate quite significantly from month to month. As a result, this metric is a more pure and stable representation of market price change than average or median prices.
Sales • New Listings • Active Listings
Massive increase in sales month-over-month for all product types, with townhouses seeing the largest increase of 134% and condos and detached homes increasing an average of 70%. However, this increase is still lower compared to the same period in the previous year.
View the Real Estate Board of Vancouver’s entire stats package for February 2023 here.
Sources: Breakside Real Estate Group, Real Estate Board of Greater Vancouver
This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.