Vancouver Housing Market Highlights January 2023

The Real Estate Board of Greater Vancouver* (REBGV) reports that residential home sales in the region totaled 1,022 in January 2023, a 55.3% decrease from the 2,285 sales recorded in January 2022, and a 21.1% decrease from the 1,295 homes sold in December 2022.⁠

⁠For all property types, the sales-to-active listings ratio for January 2023 is 13.7%. By property type, the ratio is 10.2% for detached homes, 13.4% for townhomes, and 16.7% for apartments.⁠

Last month’s sales were 42.9% below the 10-year January sales average.

Here’s a closer look at the housing market highlights January 2023.

MARKET REPORT BY PROPERTY TYPE

Upward/downward trend indicated compared to previous month (December 2022)

WHAT TO EXPECT IN 2023

Amid rising interest rates, and a looming recession, RE/MAX Canada is anticipating a modest decline of 3.3 per cent in average residential sales prices across the country in 2023. The Vancouver housing market isn’t expected to recover until 2024 along with the rest of Canada. The current forecast is that the Canadian average home prices will retrace around half of the gains gained during the pandemic, although how inventory supply develops is a critical risk to this forecast. December markets are typically slower due to the seasonality, of which we observed record lows in December 2022. January behaves quite similarly, yet we are seeing more inventory come onboard in Vancouver. I get the sense that this will steadily increase moving into the spring market.

HOUSING MARKET OPPORTUNITIES

When you buy and sell in the same market, what you give up on the sale of your home can likely be made up on the savings when you buy. Are you looking at buying or selling your home? Then you absolutely need to look at the specifics. The slowing of the housing market has not impacted all homes equally.

For those who pay attention to the housing market on a regular basis (for example by bookmarking my blog) you’ll notice a potential opportunity to upgrade your townhouse to a detached property this year.

Vancouver market highlights January 2023: areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.