February 2023 Greater Vancouver Market Update

The February 2023 real estate market in Greater Vancouver presented a mix of challenges and opportunities for buyers and sellers. Below-average sales activity continued, but a slight uptick in inventory offered hope for a more balanced market as spring approaches. Here’s a detailed look at the trends shaping the market last month.

Key Market Highlights:

• Sales Volume: February 2023 saw 1,808 residential property sales, marking a significant 47.2% decrease compared to February 2022. However, there was a notable 76.9% increase from January 2023, showing signs of gradual recovery.

• Inventory Levels: The total number of homes listed on the MLS® system reached 7,868, a 16.7% increase from February 2022. This slight growth in inventory is helping to alleviate the pressure in certain market segments.

• Sales-to-Active Listings Ratios:

  • Detached Homes: 16.8%

  • Townhomes: 30.1%

  • Apartments: 25.8%

  • A ratio exceeding 20% typically indicates upward pressure on prices, while ratios below 12% suggest downward pressure.

Market Performance by Property Type:

1. Detached Homes:

• Benchmark Price: $1,813,100

• Year-over-Year Change: -12%

• Month-over-Month Change: +0.7%

• Detached homes remain less competitive, with a balanced ratio reflecting cautious buyer behavior.

2. Townhomes:

• Benchmark Price: $1,038,500

• Year-over-Year Change: -6.3%

• Month-over-Month Change: +1.8%

• Strong demand in the townhome segment indicates its appeal to families seeking affordability and space.

3. Apartments:

• Benchmark Price: $732,200

• Year-over-Year Change: -3%

• Month-over-Month Change: +1.6%

• Apartments showed robust activity, particularly in Burnaby and Vancouver East, driven by first-time buyers and investors.

Regional Insights:

• Burnaby: Buyers continued to show interest in condos and townhomes, with a notable increase in sales activity compared to January 2023. Benchmark prices across all property types held steady with minor month-over-month changes.

• New Westminster: With its relative affordability, this area remains attractive to buyers, especially for attached and apartment properties.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam): Coquitlam saw a strong performance in the townhouse market, while Port Moody continues to hold premium appeal despite moderate price adjustments.

• Vancouver East and West: Apartment sales dominated activity, with Vancouver West showing higher price stability in the luxury segment.

Market Outlook:

While sales remain below historical norms, rising inventory and stabilized prices are creating a healthier environment for prospective buyers. With the spring market around the corner and mortgage rates expected to hold steady, we anticipate modest price growth in some segments.

Whether you’re considering buying or selling, understanding your local market dynamics is crucial. Let’s connect to discuss how these trends may impact your real estate goals.