Metro Vancouver's home sales in March were stronger than expected

Metro Vancouver's home sales in March 2023 see stronger-than-expected performance

Downtown Vancouver townhomes and condominiums (Enzhe/Shutterstock)

“Modest” increases in home sales in Metro Vancouver were recorded in March 2023, according to the Real Estate Board of Greater Vancouver (REBGV).

The REBGV states home sales at the start of spring were “stronger than expected,” despite the continued high borrowing costs.

Home sales within REBGV’s jurisdiction reached 2,535 units in March 2023, representing a 42.5% drop from the 4,405 sales recorded in the same month in 2022, and a 28.4% decrease from the 10-year seasonal average of 3,540 units.

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The benchmark price for all types of homes in the region is currently hovering at $1.14 million, which is a 9.5% decrease from March 2022 and a 1.8% increase from February 2023.

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

The benchmark home price in the Vancouver Westside is currently $1.274 million, and the Vancouver Eastside is $1.136 million, representing a month-over-month increase of 2.2% and 1.7%, respectively.

Benchmark prices for single-family houses are now $3.22 million in the Vancouver Westside and $1.71 million in the Vancouver Eastside; apartments are now $827,400 in the Vancouver Westside and $688,400 in the Vancouver Eastside; and townhouses are now $1.39 million in the Vancouver Westside and $1.08 million in the Vancouver Eastside.

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” said Andrew Lis, the director of economics and data analytics for REBGV, in a statement.

“The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favourable market conditions.”

There were 4,317 homes of all types newly listed for sale in March 2023, representing a 35.5% drop from the 6,690 homes listed in March 2022. Such a new listing figure is 22% below the 10-year seasonal average of 5,553.

The total number of homes listed for sale in the region on MLS is 8,617, which is an 8.1% increase from the 7,970 units in March 2022, and 17.3% below the 10-year seasonal average.

“If home sellers remain on the sidelines, monthly MLS sales figures will continue to appear lower than historical averages as we move toward summer,” continued Lis.

“But it’s important to recognize the chicken-and-egg nature of these statistics. 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.”

March 2023 home sales statistics: REBGV

Detached homes
- Number of units sold: 734 (-43.6% over March 2022)
- Active listings: 3,150
- Benchmark price: $1,861,800 (-11.2% over March 2022; +2.7% over February 2023)
- Average days on market: 39
Apartment homes
- Number of units sold: 1,311 (-43.2% over March 2022)
- Active listings: 3,759
- Benchmark price: $737,400 (-4.6% over March 2022; +0.7% over February 2023)
- Average days on market: 30
Townhomes
- Number of units sold: 466 (-37.3% over March 2022)
- Active listings: 1,269
- Benchmark price: $1,056,400 (-7.8% over March 2022; +1.7% over February 2023)
- Average days on market: 27

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