Home prices in Metro Vancouver's housing market saw modest increases in March, despite new listings remaining below long-term historical averages. However, data from March suggests that home sales are performing better than expected for the spring season, even with elevated borrowing costs.
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totaled 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. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900, representing a 9.5% decrease over March 2022 and a 1.8% increase compared to February 2023. Despite the recent activity, sellers are waiting for more favorable market conditions as there were 4,317 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service in Metro Vancouver in March 2023, which is a 35.5% decrease compared to the previous year.
"If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer," Andrew Lis, REBGV director of economics and data analytics 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, homes sales will remain lower than we’re accustomed to seeing at this point in the year."
Sales of detached homes in March 2023 reached 734, a 43.6% decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2% decrease from March 2022 and a 2.7% increase compared to February 2023.
Sales of apartment homes reached 1,311 in March 2023, a 43.2% decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6% decrease from March 2022 and a 0.7% increase compared to February 2023.
Attached home sales in March 2023 totalled 466, a 37.3% decrease compared to the 743 sales in March 2022. The benchmark price of an attached unit is $1,056,400. This represents a 7.8% decrease from March 2022 and a 1.7% increase compared to February 2023.