Discover the Latest Vancouver Real Estate Trends of January 2023: A Comprehensive Market Update

January 2023 Vancouver Real Estate Market Update:

Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January. “Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history,” said Andrew Lis, REBGV’s director, economics and data analytics. “Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market.”

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022. Last month’s sales were 42.9 per cent below the 10-year January sales average.

We often find the statistics can be broad, and you might wonder “How does this relate to my home?”  We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understand what’s really going on.

Downtown Vancouver: 

• Market Type: Balanced Market at 13% Sales Ratio average (1.3 in 10 homes selling rate)
• Housing Prices: homes are selling on average 4% below list price
• Most Active Price Band: $500,000 to $600,000 with average 45% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $1.75 mil to $2 mil, Coal Harbour and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Yaletown and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Buyers Market at 5% Sales Ratio average (5 in 100 homes selling rate)
• Housing Prices: Homes are selling on average 10% below list price
• Most Active Price Band: $7 mil to $7.5 mil with average 27% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes $7.5 mil plus, South Granville and minimum 7 bedroom properties
• Opportunity for Sellers: Homes selling in Kitsilano, Point Grey and 5 to 6 bedroom properties

Attached Housing

• Market Type: Balanced Market at 15% Sales Ratio (1.5 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: $700,000 to $800,000 with average 37% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $1.5 mil to $1.75 mil, South Cambie and 3 bed properties
• Opportunity for Sellers: Selling homes in Kitsilano and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Buyers Market at 11% Sales Ratio average (1.1 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 6% below list price
• Most Active Price Band: $1.25 mil to $1.5 mil with average 58% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.25 mil to $2.5 mill, Collingwood and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser and up to 2 bedroom properties

Attached Housing

• Market Type: Balanced Market at 16% Sales Ratio average (1.6 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 5% below list price
• Most Active Price Band: $400,000 to $600,000 with average 25% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $1 mil to $1.25 mil, Collingwood, Knight and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Victoria and 2 bedroom properties

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on February 1, 2023  from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.