Breaking Down the February 2023 Vancouver Real Estate Market: Trends, Data, and Analysis

February 2023 Market Update:

February showed a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2% decrease from the 3,424 sales recorded in February 2022.

“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,” Lis said. “In the somewhat unusual market environment we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a Realtor who understands your local market conditions and has experience navigating challenging markets is paramount.”

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 16% sales ratio (1.6 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 4% below list price
• Most Active Price Band: $600,000- $700,000 with average 44% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $1.75 mil to $2 mil, Coal Harbour and minimum 3 bedroom properties
• Opportunity for Sellers: Selling homes in Westend and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Balanced Market at 14% Sales Ratio (1.4 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: $2.25 mil to $2.5 mil with average 67% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $7.5 mil, Cambie, Shaughnessy, South Granville, Southlands and 3 to 4 bedrooms
• Opportunity for Sellers: Selling homes in Kitsilano and up to 2 bedroom properties

Attached Housing

• Market Type: Sellers Market at 23% Sales Ratio average (2.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: $500,000 to $600,000 with average 50% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $1.75 mil to $2 mil, South Cambie, South Granville and minimum 4 bedroom properties
• Opportunity for Sellers: Selling homes in Kitsilano and up to 2 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 18% Sales Ratio average (1.8 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: $1.5 mil to $1.75 mil with average 48% Sales Ratio (Sellers market)
• Opportunity for Buyers: $2.5 mil to $2.75 mil, Collingwood, Renfrew and up to 2 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser and 3 to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 32% Sales Ratio average (3.2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: $400,000 to $500,000 with average 78% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $1 mil to $1.25 mil, Grandview Woodland, Strathcona and 3 bedroom properties
• Opportunity for Sellers: Selling homes in Hastings, Knight and up to 1 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 March 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.