According to the March 2023 housing report released by the Real Estate Board of Greater Vancouver (REBGV), the housing market in Metro Vancouver showed some interesting trends. While there was a small increase in prices compared to February, with the spring market outpacing the forecasted modest price increases of one to two percent for all product types, overall sales were down compared to March 2022.
Residential home sales for March 2023 reached 2,535 units, which was a significant decrease of 42.5% compared to March 2022, and 28.4% below the 10-year March sales average. This decline in sales was seen across all property types, with detached homes, apartment homes, and attached homes all showing significant decreases compared to the previous year.
There were also fewer new listings in March 2023, with 4,317 properties newly listed for sale on the MLS, representing a 35.5% decrease compared to March 2022 and 22.3% below the seasonal average. This suggests that sellers may be awaiting more favorable market conditions before listing their properties for sale.
The sales-to-active listings ratio, which is an indicator of market balance, was 30.7% for all property types in March 2023. A ratio below 12% for a sustained period indicates downward pressure on home prices, while a ratio above 20% indicates upward pressure. The ratio was 23.3% for detached homes, 36.7% for townhomes, and 34.9% for condominiums, indicating varying levels of market activity across different property types.
The MLS Home Price Index composite benchmark price for all residential homes in Metro Vancouver in March 2023 was $1,143,900. This represented a decrease of 9.5% compared to the same month last year but an increase of 1.8% compared to February 2023. The benchmark price for apartments was $737,400, for attached units was $1,056,400, and for detached units was $1,861,800.
The report suggests that despite elevated borrowing costs, below-average sales, and decreased new listing activity, the spring market in Metro Vancouver is showing price increases. However, the overall sales are down compared to the previous year, indicating some challenges in the current housing market. If you are considering buying or selling a home in Metro Vancouver, it may be beneficial to consult with a real estate professional for up-to-date market insights and guidance.
