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The Vancouver housing market is noticeably picking up pace, after a slower start to 2023. In March, there were total of 2,535 home sales recorded - a 38.8% increase from the 1,808 recorded in February of this year. Although this monthly total is well below both the 4,405 sales recorded in March 2022, the REBGV reported that overall, home pricing trends are actually stronger than was expected for 2023 so far.
 

"The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”

Andrew Lis | REBGV Director, Economics and Data Analytics
 

With 8,617 homes currently listed for sale on the Vancouver MLS®, we have only 8% more listings available than the same time last year. This listing total remains 17.3% below the 10-year-seasonal average, and with buyer demand remaining resilient, the sales-to-active listings ratio for all Vancouver property types was 30.7% in March. Home prices often increase when this ratio surpasses 20% over several months at a time. By property type, the ratio is now 23.3% for detached homes, 36.7% for townhomes, and 34.9% for apartments.

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Spring Market Already Outperforming Original Forecast For 2023 

Vancouver home prices across all property types are increasing, despite high borrowing costs, lower than average sales, and low new listing activity. Sellers are holding out for better market conditions, further limiting the number of homes for sale, yet prices are still rising. The Spring housing market is actually on track to exceed the 2023  forecast, which anticipated modest price increases of 1% to 2% across all property types. 

The benchmark Vancouver home price rose to $1,143,900 last month - an increase of 1.8% from $1,123,400 in February, but still 9.5% lower compared to the same time last year. The benchmark price for single-detached homes is now $1,861,800 - a 2.7% increase from February. Townhouses are now $1,056,400 - a 1.7% increase from February. And lastly, condos are now $737,400 - a 0.7% increase from February.

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The Vancouver Market Is Still Favouring Sellers (For Now)

The Vancouver market is no stranger to limited inventory. But though recent headlines & high interest rates may have prompted prospective sellers to pause, the data is clear - buyers are back and active now.  Understanding inventory trends for your specific neighbourhood is crucial to helping our sellers make informed decisions, and depending on listing activity in your area, opportunity to capitalize on such reduced competition may not last.

Buyers should be mindful that home prices are still inching upwards. Though price increases have been modest month over month, there’ll be no savings in waiting on the sidelines. The total number of homes available for sale remains well below what’s needed to satisfy current demand, so the ability to act quickly when the right property presents itself is essential. To make your home search process easier, we recommend preparing ahead as much as possible. Curious what the buyer preparation process should look like? Reach out for details!