Sales and Listing Report for Mid-February 2023

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