Insights and Trends: Vancouver Real Estate Market Update for March 2023

Apr 04, 2023

March 2023 Market Update:

Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages. March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,535 in March 2023, a 42.5% decrease from the 4,405 sales recorded in March 2022, and 28.4% below the 10-year seasonal average (3,540).

“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,” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”

“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” Lis said. “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, home sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”

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 20% sales ratio (2 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 100% of list price
  • Most Active Price Band: $500,000- $600,000 with average 53% Sales Ratio (Sellers Market)
  • Opportunity for Buyers: Homes between $2.25 mil to $2.75 mil, Coal Harbour and minimum 3 bedroom properties
  • Opportunity for Sellers: Selling homes in Downtown and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

  • Market Type: Balanced Market at 20% Sales Ratio (2 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 1% below list price
  • Most Active Price Band: $2.5 mil to $2.75 mil with average 90% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $5.5 mil to $6 mil, Kerrisdale, Oakridge, Shaughnessy and minimum 7 bedroom properties
  • Opportunity for Sellers: Selling homes Arbutus, Kitsilano and 3 to 4 bedroom properties

Attached Housing

  • Market Type: Sellers Market at 33% Sales Ratio average (3.3 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 81% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $1.75 mil to $2 mil,  Cambie, South Cambie, South Granville and minimum 4 bedroom properties
  • Opportunity for Sellers: Selling homes in Kitsilano and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

  • Market Type: Sellers Market at 29% Sales Ratio average (2.9 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 2% above list price
  • Most Active Price Band: $1.25 mil to $1.5 mil with average > 100% sales ratio (Sellers Market)
  • Opportunity for Buyers: $2.75 mil to $3.5 mil, Collingwood, Hastings and minimum 7 bedroom properties
  • Opportunity for Sellers: Selling homes Knight, Victoria and up to 2 bedroom properties

Attached Housing

  • Market Type: Sellers Market at 38% Sales Ratio average (3.8 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 1% above list price
  • Most Active Price Band: $500,000 to $700,000 with average 53% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $1.5 mil to $1.75 mil, Killarney, South Vancouver and minimum 4 bedroom properties
  • Opportunity for Sellers: Selling homes in Champlain Heights, Main 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 April 3, 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.

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