Metro Vancouver new home listings amongst the lowest in recent history

Downtown Vancouver skyline and a single-family neighbourhood during winter snowfall. (StandbildCA/Shutterstock)

Home sales in Metro Vancouver over the course of February 2023 remained well below historic norms, according to the Real Estate Board of Greater Vancouver (REBGV).

There were 1,808 units sold in February 2023, representing a 47.2% decrease from the 3,424 sales in February 2022 — just before the start of the market slowdown in March 2022, initiated by the Bank of Canada’s first of a series of interest rate hikes.

February 2023’s volumes are also a 77% drop from the 1,022 homes sold in January 2023, and 33% below the 10-year sales average for the month.

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“It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year,” said Andrew Lis, the REBGV director for economics and data analytics, in a statement.

“On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”

The month saw 3,467 properties newly listed for sale, which is a 36.6% decrease compared to the 5,471 homes listed in February 2022 and a 5.2% uptick from the 3,297 homes listed in January 2023.

The total number of homes currently listed for sale is 7,878 units — a 16.6% increase from the 6,742 units in February 2022, and a 5.2% increase from the 7,478 units in January 2023.

“While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up. In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady,” continued Lis.

REBGV’s jurisdiction covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and all of the Tri-Cities and North Shore. In addition, other areas such as Surrey, Langley, Delta, and White Rock are part of the Fraser Valley Real Estate Board.

The benchmark price for all homes in REBGV’s jurisdiction is currently $1.123 million, which is a 9.3% drop over February 2022 and a 1.1% increase from January 2023.

Within the city of Vancouver, the benchmark price for homes in the Vancouver Westside reached $1.247 million, representing a decrease of 8.9% compared to a year ago, while the benchmark price reached $1.116 million in the Vancouver Eastside, representing a year-over-year drop of 8.7%. The price decreases were more significant for single-family houses and townhouses, compared to the milder drop for apartments.

February 2023 home sales statistics: REBGV

Detached homes
- Number of units sold: 514 (-49% over February 2022)
- Active listings: 3,052
- Benchmark price: $1,813,100 (-12% over February 2022; +0.7% over January 2023)
- Average days on market: 39
Apartment homes
- Number of units sold: 928 (-49.9% over February 2022)
- Active listings: 3,601
- Benchmark price: $723,200 (-3% over February 2022; +1.6% over January 2023)
- Average days on market: 35
Townhomes
- Number of units sold: 366 (-34.6% over February 2022)
- Active listings: 1,215
- Benchmark price: $1,038,500 (-6.3% over February 2022; +1.8% over January 2023)
- Average days on market: 29

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