February Housing Market Report 2023 – Greater Vancouver

The February housing market report data shows a continued caution by prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. 

The number of completed sales remains to be well-below historical norms. However, the number of available homes for sale in the region is inching upwards, slowly, month over month. This is a plus for prospective buyers. The below-average sales activity is allowing inventory to accumulate, which keeps market conditions from reverting into sellers’ market territory.

The Real Estate Board of Greater Vancouver (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, and a 76.9% increase from the 1,022 homes sold in January 2023.

Last month’s sales were 33% below the 10-year February sales average. Here’s a closer look at housing market activity in February 2023.

MARKET REPORT BY PROPERTY TYPE

Upward/downward trend indicated compared to previous month (January 2023)

IN SUMMARY

The listings data for February housing market 2023 remains considerable lower by comparison to the same time last year, and 2021. However, we are seeing increases and growth compared to more recent months. For example, there were 3,297 homes listed for sale in February 2023, a 5.2% increase compared to January 2023.

Home price trends are expected to reflect year-over-year declines through to the second half of 2023. However, current data and market activity is suggesting that prices are firming up, and may even continue to rise moving into the spring market.

If you’re a prospective seller and are curious to know what your property might fetch in today’s market, then feel free to start my complimentary home evaluation.

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.