When the calendar turned to February, many would have liked to see the Groundhog determine the next 6 months of real estate instead of the next 6 weeks of weather here in Metro Vancouver. But we don’t need a groundhog to see the market is turning, but what it’s turning into isn’t exactly clear – other than more active and more competition among buyers.

Sales are picking up, showings and open houses are busier, but there is less exuberant activity when it comes to new listings. The tap to the spring market is on, but the question remains; how many listings will flow out of it?

At the mid-point of February, there have been 878 sales in Greater Vancouver, far higher than the 334 that had sold at the mid-point of January, and about 100 more sales than the mid-point of November and December last year. The numbers show a definite shift in activity, and more so the shift is felt in the chatter amongst REALTORS® who are commenting on the number of offers being received on new and existing listings. Showing activity is up considerably and buyers are out looking, even in the face of the latest increase by the Bank of Canada at the end of January. Of course, this is well below the 1,889 sales at the mid-point in February 2022, and 1,753 at the mid-point of February 2021. If we went back to mid-February 2019 though, it’s an increase on the 782 at that point – that being the most comparable market to what we are seeing in the last 8 months. 

At mid-month in Greater Vancouver there have been 1,846 new listings, which is above the 1,379 new listings at the mid-point of January but significantly below the 3,010 new listings at the midpoint of February 2022 and below the 2,240 new listings at the mid-point of February 2019. The slow climb of active listings continues with that number up to 8,072 after finishing 2022 with 7,791.

We would typically see a higher rate of increase moving through February, but many sellers are playing the wait and see game along with other sellers that don’t feel they have something to buy if they sell their current home. Our market continues to be one of a lack of homes and that’s not going to change any time soon.

A 24% sales-to-listings ratio in January has turned to 48% in February – meaning 1 out of every 2 homes listed is selling so far this month. This of course doesn’t consider those listings that expire or are taken off the market by sellers. With the absorption rate increasing, it’s putting more pressure on those listings coming to the market. And as a comparison to 2019, the absorption rate at the mid-month of February that year was 24% - a much slower pace of sales. This is reaffirming that in our current market, if there were more listings there would be a lot more sales.

What were some February notable markets? Burnaby North and South have seen more sales so far in February than all of January, along with Coquitlam while Ladner has already hit January’s peak. Burnaby East is suffering with a lack of listings with there only being 12 so far compared to 44 in all of January. Vancouver’s East Side condo market continues to be ultra competitive with as many sales so far as January while less than half the number of new listings – producing a 69% absorption rate. In Richmond, detached and townhomes have seen more sales so far compared to last month, while condos there are lagging. In most areas, detached homes are showing the strongest absorption rates – this after condos had been ruling the market. This isn’t the case in New Westminster where buyers are still showing a stronger propensity to buy in the condo market. And Coquitlam, while showing more strength in all segments of its market, still has buyers seeking condos. Perhaps a “if you build it, they will come” scenario there. And given recent reports stating that the actual demand for rental apartments is undercounted, it is literally a case of governments not building enough for the demand they don’t even realize exists. 

One of the more extreme areas is Port Coquitlam where the absorption rate for houses is 17% so far and townhouses 300% - only 3 new listings with 9 sales so far. And just through the tunnel, Ladner continues to have a limited supply of townhomes and condos with a 60 and 70% absorption rate. And in Tsawwassen, after seeing 41 new detached listings, there have only been 7 so far in February. And after there being no townhouse sales in January in Tsawwassen, there have been 3 so far with only 4 new listings.  

The market continues to scream for listings, and if you are considering selling, now is the time. The dull days of fall have turned into a faster pace as we move through winter and into spring. And while it’s not quite spring yet, there is certainly a spring in the real estate market in Metro Vancouver.

With the shorter month, total sales may not hit 2,000 for the first time since June 2022, but expect that to change in March as more listings come on and buyers competing look to find their home.

Here’s a summary of the numbers:

Greater Vancouver 

878 units sold so far in February 2023 compared to

334 units sold at mid-month in January 2023 
793 units sold at mid-month in December 2022 
795 units sold at mid-month in November 2022
1,889 units sold at mid-month in February 2022
1,753 units sold at mid-month in February 2021
1,039 units sold at mid-month in February 2020
782 units sold at mid-month in February 2019

1,846 new listings so far in February compared to

1,379 new listings at mid-month in January 2023
984 new listings at mid-month in December 2022 
3,010 new listings at mid-month in February 2022
1,639 new listings at mid-month in February 2021
1,935 new listings at mid-month in February 2020
2,240 new listings at mid-month in February 2019

Total active listings are at 8,072 compared to 6,477 at mid-month in February 2022, and 7,294 at mid-month in January 2023.

Sales to listings ratio is at 48% compared to 63% at mid-month in February 2022 and 24% at mid-month in January 2023.

Vancouver West 

143 units sold so far in February 2023 compared to

62 units sold at mid-month in January 2023 
157 units sold at mid-month in December 2022 
135 units sold at mid-month in November 2022
355 units sold at mid-month in February 2022
280 units sold at mid-month in February 2021
154 units sold at mid-month in February 2020
167 units sold at mid-month in February 2019

354 new listings so far in February compared to

303 new listings at mid-month in January 2023
194 new listings at mid-month in December 2022 
593 new listings at mid-month in February 2022
497 new listings at mid-month in February 2021
330 new listings at mid-month in February 2020
514 new listings at mid-month in February 2019

Total active listings are at 1,857 compared to 1,847 at mid-month in February 2022, and 1,723 at mid-month in January 2023.

Sales to listings ratio is at 40% compared to 60% at mid-month in February 2022 and 20% at mid-month in January 2023.

Vancouver East

95 units sold so far in February 2023 compared to

41 units sold at mid-month in January 2023 
75 units sold at mid-month in December 2022 
71 units sold at mid-month in November 2022
205 units sold at mid-month in February 2022
197 units sold at mid-month in February 2021
111 units sold at mid-month in February 2020
87 units sold at mid-month in February 2019

189 new listings so far in February compared to
144 new listings at mid-month in January 2023
109 new listings at mid-month in December 2022 
348 new listings at mid-month in February 2022
276 new listings at mid-month in February 2021
185 new listings at mid-month in February 2020
216 new listings at mid-month in February 2019

Total active listings are at 877 compared to 812 at mid-month in February 2022, and 793 at mid-month in January 2023.

Sales to listings ratio is at 50% compared to 59% at mid-month in February 2022 and 28% at mid-month in January 2023.

North Vancouver

68 units sold so far in February 2023 compared to

20 units sold at mid-month in January 2023 
69 units sold at mid-month in December 2022 
79 units sold at mid-month in November 2022
125 units sold at mid-month in February 2022
133 units sold at mid-month in February 2021
55 units sold at mid-month in February 2020
92 units sold at mid-month in February 2019

123 new listings so far in February compared to
93 new listings at mid-month in January 2023
62 new listings at mid-month in December 2022 
218 new listings at mid-month in February 2022
203 new listings at mid-month in February 2021
183 new listings at mid-month in February 2020
194 new listings at mid-month in February 2019

Total active listings are at 425 compared to 348 at mid-month in February 2022, and 377 at mid-month in January 2023.

Sales to listings ratio is at 55% compared to 57% at mid-month in February 2022 and 22% at mid-month in January 2023.

West Vancouver 

22 units sold so far in February 2023 compared to

8 units sold at mid-month in January 2023 
28 units sold at mid-month in December 2022 
14 units sold at mid-month in November 2022
44 units sold at mid-month in February 2022
47 units sold at mid-month in February 2021
20 units sold at mid-month in February 2020
25 units sold at mid-month in February 2019

84 new listings so far in February compared to

46 new listings at mid-month in January 2023
30 new listings at mid-month in December 2022 
137 new listings at mid-month in February 2022
83 new listings at mid-month in February 2021
77 new listings at mid-month in February 2020
107 new listings at mid-month in February 2019

Total active listings are at 424 compared to 348 at mid-month in February 2022, and 395 at mid-month in January 2023.

Sales to listings ratio is at 26% compared to 32% at mid-month in February 2022 and 17% at mid-month in January 2023.

Richmond

102 units sold so far in February 2023 compared to

47 units sold at mid-month in January 2023 
104 units sold at mid-month in December 2022 
128 units sold at mid-month in November 2022
218 units sold at mid-month in February 2022
200 units sold at mid-month in February 2021
127 units sold at mid-month in February 2020
116 units sold at mid-month in February 2019

255 new listings so far in February compared to

196 new listings at mid-month in January 2023
145 new listings at mid-month in December 2022 
400 new listings at mid-month in February 2022
292 new listings at mid-month in February 2021
236 new listings at mid-month in February 2020
273 new listings at mid-month in February 2019

Total active listings are at 1,011 compared to 851 at mid-month in February 2022, and 879 at mid-month in January 2023.

Sales to listings ratio is at 40% compared to 55% at mid-month in February 2022 and 24% at mid-month in January 2023.

Burnaby East 

7 units sold so far in February 2023 compared to

3 units sold at mid-month in January 2023 
7 units sold at mid-month in December 2022 
4 units sold at mid-month in November 2022
15 units sold at mid-month in February 2022
19 units sold at mid-month in February 2021
10 units sold at mid-month in February 2020
7 units sold at mid-month in February 2019

12 new listings so far in February compared to

11 new listings at mid-month in January 2023
13 new listings at mid-month in December 2022 
27 new listings at mid-month in February 2022
30 new listings at mid-month in February 2021
18 new listings at mid-month in February 2020
19 new listings at mid-month in February 2019

Total active listings are at 81 compared to 42 at mid-month in February 2022, and 69 at mid-month in January 2023.

Sales to listings ratio is at 58% compared to 56% at mid-month in February 2022 and 27% at mid-month in January 2023.

Burnaby North 

65 units sold so far in February 2023 compared to

21 units sold at mid-month in January 2023 
46 units sold at mid-month in December 2022 
51 units sold at mid-month in November 2022
128 units sold at mid-month in February 2022
93 units sold at mid-month in February 2021
58 units sold at mid-month in February 2020
46 units sold at mid-month in February 2019

112 new listings so far in February compared to

70 new listings at mid-month in January 2023
58 new listings at mid-month in December 2022 
170 new listings at mid-month in February 2022
132 new listings at mid-month in February 2021
90 new listings at mid-month in February 2020
78 new listings at mid-month in February 2019

Total active listings are at 395 compared to 253 at mid-month in February 2022, and 343 at mid-month in January 2023.

Sales to listings ratio is at 58% compared to 84% at mid-month in February 2022 and 30% at mid-month in January 2023.

Burnaby South 

58 units sold so far in February 2023 compared to

15 units sold at mid-month in January 2023 
57 units sold at mid-month in December 2022 
55 units sold at mid-month in November 2022
117 units sold at mid-month in February 2022
94 units sold at mid-month in February 2021
52 units sold at mid-month in February 2020
47 units sold at mid-month in February 2019

113 new listings so far in February compared to

66 new listings at mid-month in January 2023
45 new listings at mid-month in December 2022 
140 new listings at mid-month in February 2022
128 new listings at mid-month in February 2021
91 new listings at mid-month in February 2020
118 new listings at mid-month in February 2019

Total active listings are at 368 compared to 279 at mid-month in February 2022, and 324 at mid-month in January 2023.

Sales to listings ratio is at 51% compared to 84% at mid-month in February 2022 and 23% at mid-month in January 2023.

New Westminster 

30 units sold so far in February 2023 compared to

15 units sold at mid-month in January 2023 
31 units sold at mid-month in December 2022 
26 units sold at mid-month in November 2022
94 units sold at mid-month in February 2022
76 units sold at mid-month in February 2021
40 units sold at mid-month in February 2020
34 units sold at mid-month in February 2019

62 new listings so far in February compared to

37 new listings at mid-month in January 2023
22 new listings at mid-month in December 2022 
124 new listings at mid-month in February 2022
115 new listings at mid-month in February 2021
68 new listings at mid-month in February 2020
85 new listings at mid-month in February 2019

Total active listings are at 227 compared to 163 at mid-month in February 2022, and 203 at mid-month in January 2023.

Sales to listings ratio is at 48% compared to 76% at mid-month in February 2022 and 41% at mid-month in January 2023.

Coquitlam 

78 units sold so far in February 2023 compared to

22 units sold at mid-month in January 2023 
45 units sold at mid-month in December 2022 
68 units sold at mid-month in November 2022
138 units sold at mid-month in February 2022
145 units sold at mid-month in February 2021
92 units sold at mid-month in February 2020
75 units sold at mid-month in February 2019

129 new listings so far in February compared to

107 new listings at mid-month in January 2023
64 new listings at mid-month in December 2022 
230 new listings at mid-month in February 2022
204 new listings at mid-month in February 2021
165 new listings at mid-month in February 2020
154 new listings at mid-month in February 2019

Total active listings are at 485 compared to 359 at mid-month in February 2022, and 203 at mid-month in January 2023.

Sales to listings ratio is at 60% compared to 60% at mid-month in February 2022 and 21% at mid-month in January 2023.

Port Moody

19 units sold so far in February 2023 compared to

2 units sold at mid-month in January 2023 
28 units sold at mid-month in December 2022 
16 units sold at mid-month in November 2022
41 units sold at mid-month in February 2022
36 units sold at mid-month in February 2021
18 units sold at mid-month in February 2020
17 units sold at mid-month in February 2019

49 new listings so far in February compared to

43 new listings at mid-month in January 2023
32 new listings at mid-month in December 2022 
77 new listings at mid-month in February 2022
54 new listings at mid-month in February 2021
50 new listings at mid-month in February 2020
43 new listings at mid-month in February 2019

Total active listings are at 203 compared to 107 at mid-month in February 2022, and 165 at mid-month in January 2023.

Sales to listings ratio is at 39% compared to 53% at mid-month in February 2022 and 5% at mid-month in January 2023.

Port Coquitlam 

20 units sold so far in February 2023 compared to

16 units sold at mid-month in January 2023 
17 units sold at mid-month in December 2022 
24 units sold at mid-month in November 2022
55 units sold at mid-month in February 2022
60 units sold at mid-month in February 2021
46 units sold at mid-month in February 2020
25 units sold at mid-month in February 2019

45 new listings so far in February compared to

29 new listings at mid-month in January 2023
34 new listings at mid-month in December 2022 
79 new listings at mid-month in February 2022
86 new listings at mid-month in February 2021
55 new listings at mid-month in February 2020
73 new listings at mid-month in February 2019

Total active listings are at 132 compared to 88 at mid-month in February 2022, and 123 at mid-month in January 2023.

Sales to listings ratio is at 44% compared to 70% at mid-month in February 2022 and 55% at mid-month in January 2023.

Ladner 

16 units sold so far in February 2023 compared to

5 units sold at mid-month in January 2023 
5 units sold at mid-month in December 2022 
7 units sold at mid-month in November 2022
13 units sold at mid-month in February 2022
27 units sold at mid-month in February 2021
20 units sold at mid-month in February 2020
13 units sold at mid-month in February 2019

35 new listings so far in February compared to

18 new listings at mid-month in January 2023
14 new listings at mid-month in December 2022 
30 new listings at mid-month in February 2022
42 new listings at mid-month in February 2021
33 new listings at mid-month in February 2020
29 new listings at mid-month in February 2019

Total active listings are at 91 compared to 49 at mid-month in February 2022, and 72 at mid-month in January 2023.

Sales to listings ratio is at 46% compared to 43% at mid-month in February 2022 and 28% at mid-month in January 2023.

Tsawwassen

15 units sold so far in February 2023 compared to

7 units sold at mid-month in January 2023 
19 units sold at mid-month in December 2022 
14 units sold at mid-month in November 2022
50 units sold at mid-month in February 2022
30 units sold at mid-month in February 2021
18 units sold at mid-month in February 2020
11 units sold at mid-month in February 2019

23 new listings so far in February compared to

21 new listings at mid-month in January 2023
16 new listings at mid-month in December 2022 
56 new listings at mid-month in February 2022
33 new listings at mid-month in February 2021
52 new listings at mid-month in February 2020
26 new listings at mid-month in February 2019

Total active listings are at 135 compared to 87 at mid-month in February 2022, and 120 at mid-month in January 2023.

Sales to listings ratio is at 65% compared to 89% at mid-month in February 2022 and 33% at mid-month in January 2023.

Download February Sales and Listings Statistics Houses Townhouses Condos

Download February Sales and Listings Statistics All Regional

City of Vancouver Empty Homes Tax

• Starting in 2023, the City of Vancouver Empty Homes Tax will be 5% for any homes deemed empty in 2023 (up from 3% in 2022)
• Declaration Due Date is February 2
• All homeowners must complete a declaration and confirm exemptions, if applicable
• Clauses required in CPS to protect buyer
• https://vancouver.ca/home-property-development/empty-homes-tax.aspx 

B.C. Speculation and Vacancy Tax

• The BC Speculation and Vacancy Tax is 0.5% for Canadian Citizens or Permanent Residents and 2% for foreign owners and satellite families
• Declaration Due Date is March 31
• All owners on title must complete a declaration, even if they are spouses
• Areas covered – Capital Regional District (Victoria and surrounding areas), Metro Vancouver Regional District including Lions Bay and Squamish and out to Langley, Abbotsford, Mission, Chilliwack, Kelowna, West Kelowna, Nanaimo, Lantzville (use link to confirm areas)
• No clauses needed in CPS to protect buyer
• https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax 

Canadian Underused Housing Tax

• Starting in 2023 for the 2022 tax year, an annual 1% tax on the taxable value of a vacant or underused residential property that is directly or indirectly owned by a non-resident non-Canadian
• CRA filing by April 30^th
• Excluded Owner does not have to file – Canadian Citizens and permanent residents of Canada are Excluded Owners, some exceptions may trigger a requirement to file though
• All of Canada is covered by this tax
• No clauses needed in CPS to protect buyer
• https://www.canada.ca/en/services/taxes/excise-taxes-duties-and-levies/underused-housing-tax.html 

B.C. 3-Day Home Buyer Rescission Period

• Effective January 3, 2023
• Affects residential properties other than leasehold, auction, court order, presale
• Provides a buyer with a 3-day rescission period starting the day after acceptance and doesn’t include Saturday, Sunday or holidays as determined by the Interpretations Act
• If a buyer rescinds, they are required to pay the seller a 0.25% penalty, which can be paid from any deposits held in the brokerage trust account or if no deposits were given, the seller would to pursue the buyer for the penalty
• Cannot waive the rescission period.
• Contract of Purchase and Sale must contain the exact rescission amount based on purchase price, the contact for sending rescission notice to, the final acceptance date and the last date rescission can happen.
• Rescission can be done on the required form by way of registered mail, fax or email with a read receipt.
• https://www.bcfsa.ca/industry-resources/real-estate-professional-resources/knowledge-base/guidelines/home-buyer-rescission-period-guideline

B.C. Foreign Buyer Tax

• 20% Tax if you are a foreign national, foreign corporation or taxable trustee
• Applies to Capital Regional District (Victoria, Saanich and surrounding areas, Gulf Islands), Fraser Valley Regional District through to Hope, Metro Vancouver to Lions Bay, Central Okanagan, District of Nanaimo
• Contact at the provincial government for clarification is 1-888-841-0090 or attenq@gov.bc.ca 
• https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/additional-property-transfer-tax

Canada 2-Year Foreign Buyer Ban

• Starting January 1, 2023, non-Canadian citizens and non-permanent residents will be prohibited from purchasing residential property in Canada for two years, purchasing either directly or indirectly (meaning buyers not on the contract but a beneficial owner is prohibited)
• Agreements signed before January 1, 2023 will not be subject to the prohibition.
• Prohibition covers properties in either a “census agglomeration” or a “census metropolitan area” – for example Whistler is exempt. https://www12.statcan.gc.ca/census-recensement/2021/geo/maps-cartes/referencemaps-cartesdereference/sgc-cgt/map-eng.cfm?SGC=01_C
• Affects residential properties and buildings of up to 3 dwelling units (multifamily rental buildings)
• Includes vacant residential land
• Applies to individuals and corporations with a non-Canadian with 3% interest or more
• Some exemptions may apply, see legislation and legal advice required to determine if applicable
• Contravention of the Act can result in $10,000 for all parties involved (buyer, seller, lawyer/notary, real estate agent and brokerages, lenders, etc) and could result in an order to sell the property and any profit would go to the government.
• A property may be exempt from the Foreign Buyer Ban but still attract the Foreign Buyer Tax.
• Have the buyer sign the Certificate and Consent of Purchaser form to confirm they are able to purchase
• https://canadagazette.gc.ca/rp-pr/p2/2022/2022-12-21/html/sor-dors250-eng.html

Anti-Flipping Rule

• Canada wide and based on CRA filing
• Any person who sells a property they would have held for less than 12 months would be considered to be flipping the property and would be subject to full taxation on their profits as business.
• Some exemptions exist, seek advice from an accountant
• Assignments are currently exempt – that could change
• https://www.grantthornton.ca/insights/flipping-a-house-your-gain-could-be-fully-taxable-under-proposed-new-rule 

 “The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.” Michelangelo

2023: the year to get in position for the recovery

January 2023 signalled early that it would end with what the Real Estate Board of Greater Vancouver says is “among the lowest sales month in recent history.”

As of mid-month, total transactions had reached just 334 properties, well below the 795 in mid-December 2022 or the 778 in mid-January 2022. The slow sales reflected not only higher mortgage rates but a barrage of anti-demand government policies that started the New Year.

Having dealt with a City of Vancouver Empty Homes Tax, the provincial Speculation and Vacancy Tax and a provincial foreign buyer’s tax, effective January 1, we now have a provincial three-day Home Buyer Rescission Period (or ‘cooling-off’ period), a two-year ban on foreign buyers across Canada, a national Underused Homes Tax – essentially a Canada wide empty-homes tax for foreign-owned properties – and a national anti-flipping tax which would see any profits for sales within a year of purchase taxed as business income. And of course, Canada’s prime lending rate has doubled from a year earlier, due to eight straight Bank of Canada increases.

It is a wonder all this didn’t kill home buying all together.
Yet a close look at Metro Vancouver shows flashes of high-performing regional markets in January and evidence that, despite misplaced and heavy-handed government policies, many people remain eager to purchase.

January ended with 1,030 properties sold of all types across Greater Vancouver, meaning sales more than doubled in the past two weeks of the month compared to the first half. As well, new listings increased from 1,379 in the first two weeks of January to end with 3,384, but this was still the lowest number of new listings for January going back to before 1991 – more than thirty years ago.
This speaks to the one thing keeping prices from declining more than they have. Sellers are not desperate. There is a lot of equity in owning a home and that keeps buyers from going into the market and from sellers rushing to get out. Since the start of the pandemic three years ago, the composite home price in Greater Vancouver has increased by 26%, or about $286,000. The typical detached house is now worth $411,000 more than in January 2020, at a January 2023 benchmark of $1,801,300.
If there is one prediction that could be made about this market, it’s that listings will not be coming in abundance.

Despite all the government rhetoric about creating more housing, policies are failing to address the underlying lack of supply. In 2022, for instance, total non-rental housing starts in Metro Vancouver fell 18% from a year earlier to just 16,116 units. And, despite a year-over-year increase in rental construction, Metro Vancouver rents are now the highest in history and the most expensive in Canada.

In some markets, the low inventory sparked bidding wars in January and turned key suburban municipalities into seller’s markets as tenants aimed to move into ownership and owners tried to improve their housing.

Here are some markets bucking the downward sales trend:

• A Richmond condo listing attracted 11 offers in January as the local condo market moved from a balanced to a seller’s advantage.
  
  
• In North Vancouver, townhomes and condos are in a seller’s market with January townhouse sales at similar levels to January 2022.
  
  
• The strata sector was in seller’s market conditions in North Burnaby, New Westminster and even Coquitlam, despite a multi-family building boom in all three cities.
  
  
• In 12 of the 22 Greater Vancouver markets, townhouse prices increased from December 2022 to January 2023 and were up an average of 0.8% across the entire region to $1,020,400, while benchmark condo apartment prices rose 1% month-over-month to $720,700.

These are not the signs of a distressed housing market – there are instead signals that buyers, confident that interest rate hikes have ended for now, are willing to come back into the market. If there were more listings, there would be more sales. It is as simple as that.

And listings of resale housing are starting to increase. The total number of homes currently listed for sale in Greater Vancouver is 7,478, a 32.1% increase compared to January 2022 and 1.3% higher compared to December 2022.

All predictions are that 2024 will see improved housing sales and ascending prices. This is the year for buyers to position themselves for that recovery in a still vibrant housing environment with upside potential. In fact, we believe 2023 will be a much stronger market than most pundits are predicting.

Despite headwinds through 2023, there is far too much demand to keep this real estate market from doing anything but grow.

Summary of Greater Vancouver markets in January 2023

Greater Vancouver: With total housing sales down 56% this January compared to January 2022, the January 2023 composite home price was 6.6% lower year-over-year and a mere 0.3% lower than in December 2022, to $1,111,400. Total active Listings were 7,862 at month-end compared to 5,987 at that time last year and 7,791 at the end of December, while new listings in January 2023 were up an expected 173% compared to December 2022. For all property types, the sales-to-listings ratio for January 2023 was 30%. By property type, the ratio is 28% for detached homes, 28% for townhomes, and 33% for apartments. With 571 transactions in the month, condos accounted for more than half of all sales in January, with townhouse sales at 156 and detached house transactions at 295. With an 8-month supply of inventory, this is overall a buyer’s market that is gaining strength.

Fraser Valley: With 626 transactions in January 2023, housing sales were off 12.6% compared to December 2022 and down by 52.2% compared to January 2022 to the lowest level in 10 years. The Fraser Valley Real Estate Board reports that “pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.” New listings saw an increase of 128.3% over December 2022 to 1,833 but remain at the lowest level for January since 1984. Active listings rose 5% to 4,118 compared to December 2022 and were up 76.6% compared to January 2022. At $942,200, the composite benchmark home price edged down 1.4% from December and was off 15% compared to January 2022.

Vancouver Westside: Total sales in January were 194, down 56% from the same month a year earlier and 20% below December 2022. New listings were up 196% compared to December but 29% lower than a year ago. There are less detached homes for sale than at this time last year, but this may change. In January, the City of Vancouver introduced Adding Missing Middle Housing and Simplifying Regulations in Low-Density Neighbourhoods, which would see the opportunity to develop multi-unit housing in single-detached RS zones throughout the city. The proposed changes allow up to four units on a typical 33-foot city lot, and 6 units on a 55-foot lot, subject to two rounds of public engagement. A final report and public hearing to be brought before Council in the fall of 2023. Meanwhile, investors and developers will be angling to purchase detached houses to take advantage of the upzoning. The benchmark price of the 25 detached houses sold in January on the Westside was $3,020,600, down 11.6% from a year earlier. The supply of total residential listings is up to 9 month’s supply (buyer’s market conditions) and sales-to-listings ratio is 27% compared to 100% in December 2022 and 44% in January 2022.

Vancouver East Side: Upzoning of detached house lots may eventually have an even greater impact on the East Side, due to the addition of two SkyTrain extensions and lower prices. The typical detached house sold in January for $1,664,900, or about half that of the Westside, and down 9.3% from a year earlier. Total sales of all properties were 118 in January, down 54% from a year ago. Condos sales, with 56, led local transactions and the benchmark condo price held steady from December 2022, at $676,800. Total active listings were 867 at month-end compared to 739 at that time last year and 880 at the end of December 2022. The supply of total residential listings is steady at a 7-month’s supply (balanced to buyer’s market conditions) and the sales-to-listings ratio of 33% compared with 85% in December 2022 and 54% in January 2022.

North Vancouver: A deep sleep in sales was seen in January with only 82 transactions, down 45% from a year earlier. Only 18 detached sales were seen, with the benchmark price of $2,033,000 down just 2.3% from a month earlier and 9.5% below January 2022. Meanwhile, 48 condos sold at a benchmark of $749,000, down less than 1% from December 2022. Both townhomes and condos are in seller’s market conditions with townhouse sales at similar levels to January 2022. Total active listings were at 416 at month-end compared to 291 at that time last year and 385 at the end of December 2022. Total residential listings are up to 5 month’s supply (balanced market conditions) and the sales-to-listings ratio of 35% compared to 132% in December 2022 and 55% in January 2022.

West Vancouver: Benchmarked at $3,074,400 in January, West Vancouver detached house prices are holding remarkably steady, down just 0.6% from a month earlier and less than 6% below January 2022, based on 16 sales. Total properties sold in January were 28, down 30% from December 2022 and down 38% from January 2022. The total residential listings are up to 15-month supply and the sales-to-listings ratio of 22% compared to 85% in December 2022 and 32% in January 2022. This is a full-on buyer’s market for those who can afford it.

Richmond: For the first time in two years, the average (not benchmark) home price in Richmond dipped below the $1 million mark in January, falling to $977,143, which was down from more than $1.2 million a year earlier. While total sales in January, at 120, were off 65% from a year earlier, there was action in the strata market. In one case a condo apartment attracted nearly a dozen offers. There were 81 condo sales in the month at a benchmark price of $720,700, a price up 4.6% from a month earlier and 3% higher than in January 2022. Richmond benchmark townhouse prices, at $1,065,600, are 2% higher than a year ago and edged up 1.5% from December 2022. Total active listings were 942 at month-end compared to 752 at that time last year and 919 at the end of December. Richmond is a buyer’s market with an 8-month supply and a sales-to-listing ratio at a weak 29%.

Burnaby East: Only 9 homes sold in January, perhaps the lowest ever recorded and below even the sluggish January 2019 which posted 11 transactions. Listings are increasing, posting a 214% spike up from December, which may keep prices in check. In January, the composite home price was $1,079,300, down 5.3% from a year earlier. There are 10 months of housing inventory in this buyer’s market, where the sales success ratio is a low 20%.

Burnaby North: Total sales were down 56% from a year earlier with 63 transactions in January at a composite benchmark of $954,200, a price down 4.7% year-over-year and off 1.1% from December 2022. (Benchmark prices slipped below $1 million last August and have been slowly descending since). Despite a lot of new condos being built over the past three years, condo prices are holding firm, benchmarked at $696,600 in January, a price 0.2% higher than in January 2022. This is considered an overall balanced market, with about a six-month supply of total listings and a sales-to-listings ratio of 31%

Burnaby South: Just 54 sales were seen in January, down from 94 a month earlier and 64% below the pace in January 2022. The composite benchmark price of $1,052,800, however, was up marginally from December 2022 and down less than 1% from a year ago. Active listings were at 352 at month-end compared to 283 at that time last year and 344 at the end of December. This is a buyer’s market, despite the sticky prices, with an inventory of a 7-months’ supply and a sales-to-listing ratio of 33%, far below the 152% seen in December 2022.

New Westminster: New West flirted with a seller’s market in December 2022 but was more balanced in January as sales dipped to 40 transactions, down 25% from a month earlier and 61% below January 2022. There has been increased action in the detached housing market, particularly in the Sapperton and the Massey-Victoria Heights areas, where quick sales were seen, some above asking, at the end of January. While the benchmark detached house price is $1,384,000, New Westminster has one of the lowest composite home prices in a SkyTrain-served community, at $782,300. Both benchmark townhouse prices ($892,300 ) and condo apartments ($622,500) are higher now than a month and a year ago, which is rare in Metro Vancouver. This is considered a balanced market, with a 6-month supply of listings and a sales-to-listings ratio of 38%.

Coquitlam: Coquitlam posted 73 residential property sales in January, down 10% from December 2022 and 58% less than in January 2022, and this is considered a buyer’s market with 484 active listings – about a 7-month supply – and sales-to-listing ratio of a low 28%, compared to 107% in December 2022. Condo demand and prices are firm: 48 apartments sold in January at a benchmark price of $656,300, a price nearly unchanged (down 0.9%) from a year earlier. Just 4 townhouses sold in January, but the benchmark price of $975,000 was down just 0.3% from December 2022.

Port Moody: Total sales in January were 23 – down from 41 (44%) in December 2022 and down from 57 (60%) in January 2022. Active listings were 188 at month end, compared to 93 at that time last year and 155 at the end of December 2022. New listings in January were up 145% compared to December 2022 and up 29% compared to January 2022. This is a buyer’s market, with the composite home price virtually unchanged from a year ago, at $1,083,700.

Port Coquitlam: Buyers withdrew from Port Coquitlam in January, and we suspect relatively high prices may be to blame in the only Tricities market with no SkyTrain. The benchmark detached house has shot up 38% since January 2020 and, even with an 11% decline in the last year, is still at $1,279,200. Just 13 detached houses sold in January, down from 29 in the same month last year. However, this is technically a seller’s market because there is only a 4-month supply of listings and the overall sales-to-listing ratio is running at 44%, with detached houses at 66%.

Pitt Meadows: Total sales in January slumped 50% from a year earlier to just 15 transactions as the composite home price in the small community fell 15% in the same period to $830,600.
Still, this is also seen as seller’s market because a lack of listings translates to just a 4-month supply. The current sales-to-listings ratio of 39% compares to 191% in December 2022 and 73% in January 2022, so sellers have a fragile advantage at best.

Maple Ridge: Maple Ridge, where the composite home price of $910,000 is still 38% higher than in pre-pandemic January 2020, also saw total sales slide in January, dropped 47% from a year earlier and 17% from a month ago, to 65 transactions. The benchmark price of a detached house, the dominant sales sector, is $1,166,000, down 16.2% from a year ago and declining by an average of about 1.5% per month since last fall. New Listings in January were up 232% compared to December 2022 and the total inventory of listings is up to 7 month’s supply (balanced to buyer’s market conditions), with a sales-to-listings ratio of 30% compared to 120% in December 2022 and 51% in January 2022.

Ladner: With 16 sales in January, up from 9 in December, Ladner saw its total supply of homes for sale drop from an 8 to a 5-month inventory in January, despite new listings jumping 209% month-over-month. Detached house prices are down 16% from January 2022, to $1,267,700, but are declining 2.5% per month. This is a balanced market tilting towards a buyer’s advantage with lower prices and a rather tepid sales-to-listing ratio of 37%, about half that of December 2022.

Tsawwassen: Tsawwassen posted zero townhouse sales in January, but only having 3 new listings will lead to that. Based on December sales, therefore, the benchmark townhouse price remains 4.4% lower from a year ago, at $937,100. Detached house prices are down 11% year-over-year to $1,434,600 but remain 30% higher than in pre-pandemic January 2020.
Total housing sales were 20 in January, down 52% from a year earlier, but new listings were up 185% from December 2022. This is a balanced market with a healthy supply of listings and a sales ratio of 35%, down sharply from 115% a month earlier.

Surrey:Surrey housing sales slumped across the board in January, with detached house transactions down 67.8% year-over-year, townhouse sales down nearly 50% and condo apartment sales falling 60% compared to January 2022. Benchmark prices followed suit, with detached house prices dropping 22% to $1,552,110; townhouse prices down 16% from a year ago to $807,200 and condo prices dipping 7.5% year-over-year to $526,938. With active listings rising and sales and prices falling, Surrey is a serious buyer’s market right now. Opportunity exists in that market.

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