April 2023 Real Estate Market Update: Confidence Rebounds Amid Rising Prices

April 2023 brought renewed confidence to the Metro Vancouver real estate market as buyers adapted to the higher interest rate environment and activity picked up across various property types. While inventory levels remain well below historical averages, competitive conditions are driving price growth as buyer demand resurges.

Market Highlights:

• Sales Volume:
  Residential sales in Metro Vancouver reached 2,741 homes, marking a 16.5% decrease from April 2022. However, sales were robust relative to recent months, showing an upswing in market activity.

• New Listings:
  4,307 properties were newly listed, a significant 29.7% drop compared to April 2022 and 22% below the 10-year seasonal average.

• Inventory Levels:
  Total active listings stand at 8,790, down 4.2% year-over-year and 20.9% below the 10-year average.

• Prices:
  The MLS® Home Price Index composite benchmark price rose to $1,170,700—a 2.4% increase from March 2023 but still 7.4% below April 2022 levels.

Property Type Insights:

• Detached Homes:

  • Benchmark Price: $1,915,800 (+2.9% MoM, -8.8% YoY)

  • Sales-to-Active Listings Ratio: 24.4% (Balanced Market)

• Townhomes:

  • Benchmark Price: $1,078,400 (+2.1% MoM)

  • Sales-to-Active Listings Ratio: 40.1% (Strong Demand)

• Condos:

  • Benchmark Price: $752,300 (+2% MoM)

  • Sales-to-Active Listings Ratio: 37.4% (Competitive Market)

Regional Performance:

• Burnaby:

  • Price increases were observed across:

    • Burnaby East (+0.4%)

    • Burnaby North (+2.5%)

    • Burnaby South (+2.3%)

• New Westminster:

  • Prices showed modest growth of 0.4% from March, with increased buyer interest in condos and attached properties.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):

  • Coquitlam saw a 1.1% price increase, while Port Moody experienced a slight decline of 0.5%, reflecting varied market activity across the region.

The Bigger Picture:

Despite elevated borrowing costs, low inventory levels continue to drive competition and upward pressure on prices. Buyers are showing resilience, and demand is expected to remain steady as confidence returns. However, sustained price growth depends on whether inventory can meet increasing demand.