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.

The start of 2023 was marked by below-average home sales and persistently low inventory across the Greater Vancouver real estate market. According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales in January totaled 1,022—a notable 55.3% decrease compared to January 2022 and a 21.1% drop from December 2022. This figure was also 42.9% below the 10-year January sales average.

Despite the slower start, the Bank of Canada’s decision to pause further interest rate hikes offers potential stability for buyers and sellers, signaling a cautious but optimistic outlook for the coming months.

Key Market Insights

1. Inventory Trends

   • January saw 3,297 newly listed properties—a 20.9% decrease compared to January 2022 but a significant increase of 173.4% from December 2022.

   • Total active listings rose slightly to 7,478, marking a 32.1% increase compared to January 2022 and a marginal 1.3% rise from December 2022.

2. Sales-to-Active Listings Ratios

   • Detached Homes: 10.2%

   • Townhomes: 13.4%

   • Apartments: 16.7%
     These figures indicate balanced market conditions across property types, though detached homes edged closer to a buyer’s market.

3. Price Movements

   • The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver stood at $1,111,400. This represented a 6.6% decrease from January 2022 and a 0.3% decrease compared to December 2022.

   • Detached Homes: Benchmark price of $1,801,300, down 9.1% year-over-year.

   • Apartments: Benchmark price of $720,700, down 1.1% year-over-year but up 1% from December 2022.

   • Attached Homes: Benchmark price of $1,020,400, down 3% year-over-year but up 0.8% from December 2022.

Regional Highlights

• Burnaby: Prices remained stable across property types, though sales activity was subdued.

• New Westminster: Benchmark prices showed resilience, especially in apartments, which saw a slight increase compared to December 2022.

• Tri-Cities (Coquitlam, Port Coquitlam, Port Moody): Market conditions varied, with Port Moody seeing a modest rise in prices for attached homes.

• Vancouver East and Vancouver West: Apartment sales remained the most active, while detached homes continued to see price adjustments.

Looking Ahead
The combination of low inventory and stabilized interest rates provides a foundation for potential market recovery as the year progresses. While year-over-year comparisons highlight significant price declines, these reflect adjustments that have already taken place, suggesting prices may have reached a plateau.

For buyers, the market presents opportunities, particularly in detached and attached homes where balanced conditions prevail. For sellers, customized strategies will be essential to achieve optimal results in this nuanced market.

Conclusion
January 2023 underscores the importance of navigating the market with a data-driven approach and professional guidance. Whether buying or selling, understanding these trends and their implications is key to making informed decisions in Greater Vancouver’s real estate landscape.

As we closed out 2022, the Greater Vancouver real estate market reflected a year of transition and adjustment, primarily driven by the Bank of Canada's aggressive interest rate increases. December’s market activity remained subdued, highlighting a cautious sentiment among buyers and sellers in response to higher borrowing costs.

Market Highlights:

• Sales Volumes: Residential home sales totaled 1,295 in December, a significant 51.8% drop from December 2021 and a 19.8% decrease from November 2022. This figure was 37.7% below the 10-year December sales average.

• New Listings: A total of 1,206 homes were newly listed for sale, representing a 38% decrease from December 2021 and a 60.5% decline from November 2022.

• Benchmark Prices: The MLS® composite benchmark price for all property types in Metro Vancouver stood at $1,114,300, a 3.3% decrease from December 2021 and a 9.8% decline over the past six months.

Detached, Attached, and Apartment Segments:

• Detached Homes: Sales for detached properties reached 371, down 53.3% from December 2021. The benchmark price decreased 5.1% year-over-year to $1,823,300.

• Townhomes: A total of 222 townhomes sold, reflecting a 48.4% drop from the previous year. The benchmark price slightly dipped by 0.2% to $1,012,700.

• Apartments: Apartment sales reached 702, down 52% from December 2021, with a benchmark price of $713,700—showing a modest 1.7% increase year-over-year.

Key Trends:

1. Balanced Market Dynamics: The overall sales-to-active listings ratio was 17.5%, edging closer to a balanced market. Apartments led the way with a 21.7% ratio, followed by townhomes at 19.5% and detached homes at 12.3%.

2. Localized Performance: Burnaby and New Westminster experienced notable declines in sales volumes, while areas like Vancouver East and Port Moody saw relatively steadier activity.

3. Price Adjustments: While prices showed some declines across most segments, apartments demonstrated resilience with modest gains in specific areas, reflecting stable demand in the entry-level market.

Looking Ahead:

The market's focus in 2023 will likely center on buyer and seller adjustments to higher interest rates. The spring market, traditionally a period of increased activity, will be closely monitored for shifts in sentiment and participation. For now, cautious optimism prevails as buyers navigate affordability and sellers recalibrate expectations.

In November of 2021, the BC Government announced its intent to introduce a “cooling off period” for British Columbian home buyers to address concerns with the precipitous pace of sales and price increases in the Lower Mainland housing market. 

They then tasked the BC Finacial Services Authority (the “BCFSA”) with researching and drafting a proposal for how to enact said “cooling off period” as best possible. Then, on April 25th, 2022, the BC legislation passed the Property Law Act Amendment enabling the creation of what is now formally known as the Home Buyer Recission Period.

The Home Buyer Recission Period will no be in effect as of January 3rd, 2023. This government regulation allows home buyers in British Columbia the right to release themselves from a Contract of Purchase and Sale - mutually agreed to by themselves and the selling party - without cause and a nominal cost anytime within 3 days of having entered said agreement to purchase real property.

Therefore, should a purchaser change their minds, for any reason, they may relinquish all liability they have to complete the agreed to contract should written notice be properly delivered to the Seller within 3 days of its acceptance time. In employing their right to do so, however, the purchaser will be liable to pay the seller an amount equal to 0.25% of the purchase price agreed to under the Contract of Purchase and Sale.

The intent of this regulation is to protect consumers during these significant financial transactions - particularly when the pace of the real estate market does not allow for great/proper amounts of due diligence and unconditional offers become the “norm” - that have the potential to have significant and long-term consequences on any individual.

This regulation of course as an impact on home sellers as well, which we won’t get into here, though, the BCFSA did take these possible negative impacts of this regulation into consideration when drafting and deciding upon this framework.

There are more specifics involved in the regulation including the types of properties that are excluded and the logistics for payment of compensation to the Seller. If you wish to learn more or have questions as to how this impacts your own position don't hesitate to reach out.

The November 2022 real estate market in Greater Vancouver continued its measured pace, reflecting the impact of higher borrowing costs and broader economic uncertainty. With both buyers and sellers adjusting to changing conditions, activity levels remained below historical averages but showcased pockets of opportunity across different property types and regions.

The Real Estate Board of Greater Vancouver (REBGV) reported 1,614 home sales in November 2022, a significant 52.9% decrease compared to November 2021. While sales were down 15.2% from October 2022, they remained 36.9% below the 10-year seasonal average, highlighting a quieter market as the year winds down.

Key Market Trends

• New Listings: November saw 3,055 new listings, a decline of 22.9% year-over-year and down 24.2% from October 2022, as many sellers opted to hold off during the slower market conditions.

• Active Listings: Total active listings across all property types stood at 9,179, reflecting a 28.5% increase year-over-year but still below long-term norms.

• MLS® Benchmark Price: The composite benchmark price for all residential properties was $1,131,600, reflecting a 0.6% month-over-month decrease and a 10.2% decline from the peak reached earlier in 2022.

Sales-to-Active Listings Ratios

The sales-to-active listings ratio—a key indicator of market conditions—varied across property types:

• Detached homes: 11.2% (approaching buyer’s market territory)

• Townhomes: 16.8% (balanced market)

• Apartments: 19.8% (leaning toward a seller’s market)

Historical data suggests that downward pressure on home prices occurs when the ratio dips below 12% for a sustained period. This trend was particularly evident in detached home segments across several areas.

Regional Highlights

Burnaby

• Detached homes: Benchmark prices in Burnaby South decreased to $1,998,600, down 1.2% month-over-month and 8.7% year-over-year.

• Apartments: Burnaby North showed resilience, with benchmark prices at $664,200, reflecting modest month-over-month declines but stable year-over-year figures.

New Westminster

• The benchmark price for apartments remained at $618,000, showing minimal change from October, while detached homes declined to $1,400,100, reflecting a 7.9% year-over-year drop.

Vancouver East & Vancouver West

• Vancouver East: Apartments saw a benchmark price of $668,500, down 1.2% from October 2022. Detached homes dipped further to $1,730,300, reflecting the broad impact of economic conditions.

• Vancouver West: Apartments maintained a benchmark price of $820,000, while detached homes recorded a significant decline, now at $3,267,400, down 9.8% from earlier in the year.

Tri-Cities (Coquitlam, Port Moody, and Port Coquitlam)

• Coquitlam: Detached homes dropped to a benchmark price of $1,718,200, with apartments stable at $652,800.

• Port Moody: Apartments remain in demand, with benchmark prices holding steady at $702,100.

• Port Coquitlam: Detached homes benchmarked at $1,440,000, reflecting consistent performance in this area despite broader challenges.

Opportunities for Buyers and Sellers

• For Buyers: The current market offers increased selection and softer prices, particularly in the detached home segment. With less competition, now is an ideal time for buyers to explore options and negotiate favorable terms.

• For Sellers: Strategic pricing and presentation are critical. Townhomes and apartments remain the strongest-performing segments, especially in Burnaby and Vancouver East, where demand has stayed relatively resilient.

Looking Ahead

November 2022’s numbers underscore the shift toward a more balanced market, with specific opportunities for buyers to secure properties at competitive prices. Sellers can still achieve favorable results with the right strategy, particularly in sought-after property types and areas.

If you’re considering buying or selling, I’m here to help you navigate these conditions with confidence. Contact me today to discuss your goals and develop a plan tailored to your needs.

The October 2022 real estate market in Metro Vancouver painted a picture of caution as inflation and rising interest rates continued to dominate headlines. While the month experienced a slight uptick in sales compared to September, the overall activity remained significantly below the historical norms.

The Real Estate Board of Greater Vancouver (REBGV) reported 1,903 home sales in October, marking a 45.5% decrease from October 2021 but a 12.8% increase from the previous month. However, this figure sits 33.3% below the 10-year October sales average, underscoring a slower market pace influenced by macroeconomic factors.

A Market Adjusting to Economic Pressures

Inflationary concerns and the Bank of Canada's rising interest rates prompted both buyers and sellers to carefully reassess their options. The increase in active listings—now at 9,852 properties, up 22.6% from October 2021—has shifted the dynamic, providing more selection for buyers while applying downward pressure on prices.

• The MLS® Home Price Index composite benchmark for all residential properties sat at $1,148,900, reflecting a 2.1% year-over-year increase but a 9.2% decline over the past six months.

Sales-to-Active Listings Ratios

For October 2022, the sales-to-active listings ratio hovered at 19.3% across all property types, close to the balanced market threshold. However, performance varied by property type:

• Detached homes: 14.3%

• Townhomes: 21.6%

• Apartments: 23.2%

This data suggests that while prices have softened from their peak earlier in the year, townhomes and apartments have maintained relatively stronger demand.

Spotlight on Key Areas

Focusing on our core service areas, the October market provided some nuanced trends:

• Burnaby North: The benchmark price for all residential properties was $994,400, with a modest 4.8% year-over-year price growth despite a slower pace of sales.

• Vancouver East: A benchmark price of $1,127,300, representing a small 0.4% year-over-year increase but a notable 10% decline over the past six months.

• New Westminster: Resilient with a 7.4% year-over-year price increase, benchmark prices reached $809,800.

• Coquitlam, Port Moody, and Port Coquitlam (Tri-Cities): The area saw mixed results, with Port Moody showing a strong 7.6% annual increase to $1,117,500, though sales volumes have eased across the region.

What This Means for Buyers and Sellers

The market’s shift provides opportunities and challenges:

• Buyers: With increased inventory and more time for due diligence, buyers are in a stronger position to negotiate favorable terms. Securing financing early remains critical as further rate hikes loom.

• Sellers: Pricing remains pivotal. While the market is no longer at the frenzied highs of spring 2022, accurate pricing based on current market conditions can still generate interest and achieve favorable results.

A Changing Landscape

October 2022 marked a transitional phase in the Metro Vancouver market. The balance of power between buyers and sellers is shifting, creating a more measured environment. As we head into the final months of the year, staying informed and proactive will be key to navigating the evolving real estate market.

For tailored advice or to discuss how these trends impact your buying or selling journey, feel free to contact me directly. I’m here to help you make informed decisions in every market condition.

As we reflect on September 2022, the Greater Vancouver real estate market continued to adjust to shifting economic conditions, marked by higher borrowing costs and evolving buyer activity. Home sellers took center stage, with an increase in new listings compared to August, but buyer demand lagged behind the region's long-term averages.

Key Highlights:

• Home Sales: A total of 1,687 homes were sold in September 2022, representing a significant 46.4% decline from the 3,149 sales in September 2021. Sales were also down 9.8% compared to August 2022, standing 35.7% below the 10-year September average.

• Listings Activity: September saw 4,229 new listings hit the market, an 18.2% drop compared to the same month in 2021 but a notable 27.1% increase from August 2022. This added inventory provides more choice for buyers navigating today’s market.

• Benchmark Pricing:

  • The composite benchmark price across all property types was $1,155,300, reflecting a 3.9% increase year-over-year. However, prices continued to soften month-over-month, declining by 2.1%.

  • Detached homes held a benchmark price of $1,906,400, down 2.4% from August 2022.

  • Apartments recorded a benchmark price of $728,500, a 1.6% decrease month-over-month.

  • Townhouses remained resilient, with a benchmark price of $1,048,900, declining 1.9% from the previous month.

Market Trends by Region:

In our focus areas, market dynamics demonstrated unique patterns:

• Burnaby: Detached homes saw a benchmark price decline, with Burnaby South registering a 1.2% dip month-over-month to $2,079,400. Apartments in Burnaby North maintained relative stability, with a benchmark price of $707,700.

• New Westminster: Prices for apartments dropped slightly, with a benchmark of $633,800, reflecting a 2.6% month-over-month decline.

• Vancouver East & West: Vancouver East apartments settled at a benchmark of $686,900, while Vancouver West saw a slight decline to $822,300.

• Tri-Cities (Coquitlam, Port Moody, and Port Coquitlam): Apartments in Coquitlam experienced a 1.1% dip to $661,900, while Port Moody’s apartments fared better, declining only 1.3% month-over-month to $710,200.

What This Means for Buyers and Sellers:

The sales-to-active listings ratio for September sat at 16.9%, indicating a balanced market but with reduced competition compared to the intense demand seen in 2021. Notably, townhomes and apartments performed best, with ratios of 18.4% and 20.9%, respectively. This metric reinforces the opportunity for buyers to take their time making decisions while sellers should align expectations with market realities.

With borrowing costs rising due to the Bank of Canada’s efforts to curb inflation, affordability remains a critical factor. Buyers are encouraged to consult with mortgage advisors to understand their purchasing power, while sellers benefit from customized strategies that maximize property exposure.

Final Thoughts:

September 2022 provided a glimpse into a market recalibrating to economic changes. Whether you're considering buying, selling, or simply assessing your next move, staying informed and working with trusted professionals ensures you’re ready to navigate these conditions effectively.

For personalized advice tailored to your goals, reach out to us today. We’re here to help you make sense of the current market and make confident decisions.

As we transition from summer into fall, the real estate market in Metro Vancouver continues to evolve amidst changing economic conditions. The latest data from the Real Estate Board of Greater Vancouver (REBGV) reveals a quieter summer season, with reduced activity among both buyers and sellers, reflecting a shift towards a more balanced market.

Market Snapshot for August 2022

In August, residential home sales across Metro Vancouver totaled 1,870—a 40.7% decrease from August 2021 and a slight 0.9% drop compared to July 2022. While lower activity levels have been a recurring theme this summer, they remain 29.2% below the 10-year average for August.

New listings have also slowed, with 3,328 properties added to the market—a 17.5% decrease compared to August 2021 and 16% fewer than July 2022. However, the total number of active listings stands at 9,662, representing a 7.3% increase year-over-year.

The sales-to-active listings ratio for August was 19.4%, indicating that while the market is not in a seller’s territory overall, specific segments—particularly townhomes (25.3%) and apartments (24.8%)—continue to outperform detached homes (12.2%).

Key Insights for Burnaby, New Westminster, Vancouver, and the Tri-Cities

Burnaby:

• Detached home sales in Burnaby reached 80, marking a decline of 25.9% compared to last month.

• Apartments, a core housing type in Burnaby, saw 244 sales, maintaining relative stability.

• The benchmark price for detached homes in Burnaby North was $1,962,000, with a 5.5% drop over three months.

New Westminster:

• Detached home sales held steady at 26, consistent with July, though significantly below the historical average.

• Apartments, with a benchmark price of $651,000, experienced a modest 1.6% price drop month-over-month but remain up 13.9% year-over-year.

Vancouver East and Vancouver West:

• Vancouver East's benchmark price for detached homes was $1,794,700, marking a 1.6% decrease from July.

• Vancouver West apartments, a dominant property type, had a benchmark price of $829,700, reflecting a 1.7% decrease over the previous month.

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

• Port Moody continues to demonstrate resilience, particularly in the townhouse market, with benchmark prices increasing by 4.1% over six months to $1,096,600.

• Apartments in Coquitlam saw a modest decrease of 1.7% month-over-month, with a benchmark price of $669,200.

Price Trends and Buyer Behavior

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $1,180,500—a 7.4% increase from August 2021 but a 2.2% decline compared to July 2022.

With inflationary pressures and rising interest rates, buyers and sellers are taking a more cautious approach. As market conditions stabilize, preparation and strategy have never been more important. For sellers, ensuring your home is positioned attractively in this evolving market is crucial. For buyers, understanding financing options and long-term trends can offer opportunities amidst shifting dynamics.

A Changing Landscape

The slowdown in sales activity aligns with the broader economic landscape, where rising interest rates and inflation have tempered demand. For sellers, this represents an opportunity to refine marketing strategies and appeal to motivated buyers. For buyers, the cooling market could mean more choices and less competition.

Ready to Navigate the Market?

Whether you’re considering selling your home or exploring buying opportunities, understanding the current market climate is essential. Contact me today for personalized insights and strategies tailored to your goals.