Real Estate Market Analysis in Greater Vancouver – March 2023
【Real Estate Market Analysis in Greater Vancouver – March 2023】
Andrew Lis, director of economic and data analysis at the Real Estate Board of Greater Vancouver, said this about the March real estate analysis in Vancouver.
“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. 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 favorable market conditions.”
In March 2023, there were 4,317 new listings released, a decrease of 35.5% compared to March 2022.
For all property types, the sales-to-active listings ratio for March is 30.7%.
Generally, downward pressure on home prices occurs when the ratio dips below 12%, and upward pressure when it surpasses 20%.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5% decrease over March 2022 and a 1.8% increase compared to February 2023.
Sales by housing type in March 2023:
Detached Homes
Sales reached 734, a 43.6% decrease from the 1,302 detached sales recorded in March 2022. Benchmark price is $1,861,800. This represents a 11.2% decrease from March 2022 and a 2.7% increase compared to February 2023.
Apartment
Sales reached 1,311, a 43.2% decrease compared to the 2,310 sales in March 2022. Benchmark price is $737,400. This represents a 4.6% decrease from March 2022 and a 0.7% increase compared to February 2023.
Attached Homes
Sales totalled 466, a 37.3% decrease compared to the 743 sales in March 2022. Benchmark price is $1,056,400. This represents a 7.8% decrease from March 2022 and a 1.7% increase compared to February 2023.
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