Highlights of the April Market Report

• We are now in a seller’s market across Greater Vancouver 

• Multiple offers are being seen as buyers roar back 

• Buyers must brace for higher new home prices in ‘24

• Greater Vancouver sales are up 166% since the start of the year

• Fraser Valley detached house prices are up $60,000 since January

As much of Canada suffers under a belief that the housing market has tanked, Metro Vancouver homebuyers are quietly and efficiently setting month-over-month sale increases this year and are already being rewarded by rising prices.

Consider this a wake-up call.

Total April housing sales across Greater Vancouver hit 2,741 transactions, up from 2,535 in March and a 166% increase from January 2023 and the highest monthly level since May 2022. Benchmark home prices so far this year are up 5%. Based on the current benchmark, that is an increase of nearly $60,000, and prices are still rising by 2.4% a month.

In the Fraser Valley, April sales totalled 1,554 homes, even with a month earlier and up 148% from January of this year. The benchmark detached house price is up $100,000 compared to January and the typical condo sold in April at $503,700, up $30,000 from the start of the year.

This was not foreseen by most; and in April, Canada Mortgage and Housing Corp., the federal housing agency, told us that the Metro Vancouver average home price could fall as much as 24 percent this year and it didn’t see a sales recovery until 2024-25.

On the street, the reality is much different. With the Bank of Canada halting rate increases, buyers are more confident and are back in a big way. The April competition for new listings was astounding: over 20 offers for a detached house in Ladner; 10 to 20 offers for condos throughout the region, including downtown Vancouver among the many anecdotal reports from the field. With a consistent shortage, any townhouse listing attracted multiple buyers, and the sales-to-listing ratio hit a jaw-dropping 185% in April for Port Moody townhouses. 

The real estate market has turned quickly and is fast approaching 3,000 sales a month. If this happens in May, as we suspect, it would be the first time since April last year that Greater Vancouver has achieved that number.

Another signal of the turnaround is new housing starts, which have roared back and may help to alleviate the continued lack of new resale listings. In the first quarter of 2023, 7,318 new homes started in Metro Vancouver, up 69% from the same period last year. The current residential construction pace, if maintained, would result in more than 29,000 starts this year in Metro Vancouver, the highest level in three years. But this will take time to have any effect on the market and will require many more starts.

A big test of the new condo market is now being conducted on the Burnaby-Coquitlam border this month where a brand-new condo tower complex is finished and offered for sale. Normally, new condos are sold as pre-sales, but these 262 apartments at the City of Lougheed are move-in ready. This is a bold and rare test of the condo market and should give a strong indication of current demand. We would not be surprised by a quick sell-out.

However, we are less certain that buyers will be flocking to purchase new homes in 2024 because of startling government-imposed cost increases. Costs keep getting added to the equation and for some developments, it may not be feasible to move from the planning to the building stage. 
 

Here are some of the recent increases homebuilders are now dealing with:

• On April 19, the Metro Vancouver Regional District board of directors approved a motion to make real estate developers pay 99% of the cost for water and sewage upgrades across the district. Currently, developers pay 83% for sewage upgrades and 50% for water infrastructure, so this is a big increase, especially since three large water-treatment projects are currently underway, totalling well over $10 billion.
   

• Led by a 47% increase in Richmond and a 33% hike in Coquitlam, suburban municipalities across the region are raising development cost charges on new residential construction going into next year. 
   

• On May 1, the B.C. Step Code building code for new residential construction was legislated across the province. This ‘green’ building code, the most rigid in Canada, will outlaw natural gas in new buildings and add thousand, even tens of thousands of dollars, to the cost of new homes, especially detached houses, and high-rise concrete condos.
   

• Changes to B.C.’s contaminated land regulations, just coming in, will add an extra $80,000 to $100,000 in testing alone, and delays to a new strata project before construction even starts
   

• Residential land prices – and the cost per buildable foot – are soaring right across the Lower Mainland. Recently, residential sites in North Burnaby and Surrey Central sold for more than $25 million per acre; a 1.3-acre land assembly in Coquitlam sold in March for $24.5 million; and Vancouver is seeing residential development land trading at $90 million per acre or more.

Best advice: buy an existing home this year, and the sooner the better. Existing homes can’t be replaced for nearly the same price, and resale values are increasing month-over-month.

 
A look at the regional numbers:

 
Greater Vancouver: Total housing sales in April were 2,741, up 8% from a month earlier and 166% higher than in January of this year and off just 16% from April 2022. By next month, the script will shift as sales begin to be higher compared to a year ago. For true market comparison, April sales this year were 48% higher than in April 2019 before the pandemic hit and everything went crazy. However, listings are the laggard, down 1% this April from a month earlier; and total active listings, at 8,734, represent just a 3-month supply at the current sales pace. The inventory shortfall is leading to multiple offers and rising prices, with April’s benchmark price up 2.4% from a month earlier; detached house prices and condo prices are 3% higher at $1,915,800 and $752,300, respectively. With 500 sales in April, and a high sales-to-listing ratio, townhouse prices were up 2.1% from March to $1,078,400. Greater Vancouver is now a sellers' market in all property types, with an overall sales-to-listing ratio of 62%. 

Fraser Valley: The Fraser Valley Real Estate Board posted 1,554 sales in April, virtually unchanged compared to March 2023 and up 5.1% from April 2022. Listings were down 31% from April 2022 however, to 2,478. There are now 4,632 active listings, down 2.2% from March 2023 and 14% below April of last year. Prices are rising as buyers bid on fewer listings. Detached-house prices, at $1,442,900, were up nearly 4% from March 2023; townhomes increased 1.7% month-over-month to $808,000; and the benchmark condo price was up 1.6% in the same period to $530,200. Strata prices are down from 9% to 13% from a year ago, with detached prices off 17% from April 2022. 
 
Vancouver Westside: The Westside saw condos in a seller’s market in April, while townhouses jumped up to 7 month’s supply and the detached-house sector is still in balance. But new listings were 9% lower overall in April compared to March, so buyers are purchasing what they can. In all, 468 sales were recorded in April, nearly 50% higher than in February and up 4% from March 2023.  Prices are rising fast: the benchmark detached house price is now $3,313,200, up 9.7% (about $310,000) since January and up 3% from March. Townhouse prices shot up 6.5%, month-over-month to $1,481,900 and typical apartments sold for $848,000 in April, an increase of 2.5% from March.  The supply of total residential listings is steady at a tight 4-months in this seller’s market. April’s sales-to-listings ratio of 56% compared to 49% in March 2023 and 48% in April 2022.
 
Vancouver East Side: Compared to a year ago, East Side sales and listings were down sharply from a year ago, but sales were also lower than in March 2023, with 267 transactions in April compared to 287 a month earlier. There were 939 active listings as of April 30, up from 899 at the end of March. The total inventory represents a 4-months’ supply as the sales-to-listing ratio is a strong 55% in this seller’s market.  The median price of the 75 houses sold in April was $1.95 million, up nearly $150,000 from a month earlier. Condos led the sales parade, with 113 sales at a median of $657,000, up marginally from March, while median townhouse prices increased to $1,405,000, up about $50,000 from April of last year. Over the past three months, the overall benchmark price is 5.4% higher, at $1,312,400.
 
North Vancouver: April sales continued a trajectory that has seen transactions rise 46% over the past two months to reach 218. Benchmark home prices have followed the lead, rising 7% since January to $1,369,900 in April, with detached house prices up nearly 8% in the same period to $2,192,200. Despite new listings falling 10% from March, total active listings at the end of April were 495, nearly identical to a year earlier. We estimate there is a mere 2-month supply of total listings, with the sales-to-listing ratio running at 66%, up from 58% from both a month and a year earlier. This is a seller’s market that is gaining momentum.

West Vancouver: Metro’s second-most expensive housing market is not known for a high number of sales and April was no exception, with 60 transactions, down 6% from a month earlier, though 43% higher than in February. New listings, though, were 94% higher than a year ago, so the market is stirring. We are calling this a balanced market, but shifting to a buyer’s advantage for those who can afford it. The benchmark price of a detached house, which dominated the market with 43 sales in April, is $3,111,600, up 3% from March, but still 8% lower than a year ago. The overall sales-to-listing ratio is 38% and has held steady in that range for two months.

Richmond: The ban on foreign homebuyers that came into effect on January 1 apparently had zero effect in Richmond, despite some concerns. Sales are following similar patterns to other markets, with 338 transactions in April up 51% from February and well above January. Prices are also firming in Richmond: the benchmark price is $1,179,200, down just 1.7% from a year ago and rising an average of 2% per month since the start of the year. Active listings were at 1,062 at month-end compared to 1,197 at that time last year and 1,049 at the end of March. This is a seller’s market, with the sales-to-listing ratio in April at 67%, which compares to some of the best months of early 2022, and there is just 3-months’ supply of inventory. Housing starts are rising, however, with 507 new homes breaking ground in March, up from just 62 in March 2022 – nearly all the new starts are multi-family units, including 37 new townhouses. So many more townhouses are needed.


Burnaby East: Total sales in April were just 34, but that was up 70% from a month earlier and just 6 units lower than in April of last year. The benchmark price rose 0.4% from March, to $1,114,900, while the detached house price increased 1.3% to $1,749,700, still the lowest in Burnaby.  Active listings were 76 at month-end compared to 67 at that time last year and 85 at the end of March. The inventory of total residential listings is down to 2-month supply. This is a seller’s market on steroids, with a sales-to-listings ratio of 81% compared to 43% in March 2023 and 58% in April 2022.

Burnaby North: This is one of the hot markets where total sales in April, at 176, were higher than in April 2022, in this case, up 7 percent year over year and 4% higher than in March 2023, and 31% above February of this year. Condos led this market, and the benchmark condo price has increased 5.5% over the past three months to $734,600. Confidence in the future strata market was underlined in April when a major condo developer paid $94 million for a 4.2-acre development site near the Brentwood and Gilmour SkyTrain station. There was a total of 415 residential properties for sale at the end of April, slightly higher than a year earlier and up from 388 in March. The benchmark home price is up 5% since January, at $1,002,900.

With a sales success ratio of 67%, compared to 71% in March 2023 and 47% in April 2022, this is a strong seller’s market.

Burnaby South: Sales here were also up from a year ago, rising 16% to 215 this April, which was also 65% higher than in March 2023. At $1,100,200, the benchmark price in April was up 2.3% from a month earlier. The benchmark detached house price has surged nearly 8% higher since January, to $2,145,800. In an unabashed sellers’ market, the sales-to-listing ratio is a sizzling 81% and the total inventory, at 385, represents just a 2-month supply.

New Westminster: Total April sales were 113, up from 96 (18%) in March 2023 but down from 134 (16%) in April 2022. We see the Royal City as a good buy this year. The benchmark detached house price in April was $1,433,100, up just 0.2% from a month earlier and down 4.3% from a year earlier. But this house price is about $300,000 less than Coquitlam or East Burnaby. New West condo prices, at $652,100, are also among the lowest in the suburbs. We have a feeling New Westminster has price growth potential. Total active listings are 238, down from last April but up 15% from March 2023. With a sales-to-listing ratio of 70%, this is a seller’s market, but buyers may find the prices tempting. 


Coquitlam: Many will be watching a rare event when two new condo towers, finished, launch more than 200 units into the market in May. The towers are technically in Burnaby but right on the Coquitlam border at Lougheed Town Centre. In April, 99 Coquitlam condo apartments sold at a median price of $685,000 and there were just 149 new listings, generating a healthy 67% sales-to-listing ratio. Total active listings of all properties were at 495 at the end of April, compared to 572 at that time last year and 473 at the end of March.

This is a seller’s market that appears to be accelerating. 

Port Moody: The entire Tri-Cities region has seen only 74 housing starts so far this year, so we must look to resale listings for future supply, and that means a tight inventory due to high demand in Port Moody. Port Moody might be the hottest market in Greater Vancouver, with a 91% absorption rate overall, sitting with 2-month supply. Townhouses saw a jaw-dropping 185% absorption rate, meaning almost two sales for every new listing. Condo sales were up 73% year-over-year in Port Moody as condo prices dipped to a median of $685,000, down from a median of $712,500 a year earlier. Total sales in April were 91, up 14% in March and 94% higher than in February in this active seller’s market.

Port Coquitlam: With 76 sales in April, transactions were up 10% from a month earlier, but new listings dropped 39% month-over-month while the composite home price inched up 1.2% to $927,100, the lowest in the Tri-Cities. Detached house prices are now 13.3% below April of last year but are rising by around 2.2% per month. With only a 2-month supply of listings and a sales-to-listing ratio at 97%, compared to 54% a month earlier, this is a clear seller’s market.

Ladner: There is only 1 month's supply of townhouses and condos, with only 7 condo new listings in April compared to 19 in March in Ladner. The overall sales-to-listing ratio is 74%.
Townhouse benchmark prices dipped 0.7% in April from a month earlier, but remain 7% higher than in January, at $991,700. Condos are selling at $698,000, but prices were down 2% in April from March 2023. With just a 2-month supply of listings and a sales ratio of 74%, we expect prices to increase in this seller’s market. 

Tsawwassen: Sunny Tsawwassen has an example of what is known as an intergenerational community, the Southlands development, which took years to win approval but could be a template for future suburban projects. Its mix of housing is designed to attract seniors and young families with an agricultural theme and a lively retail village that includes a beachfront. It is among the reasons Tsawwassen is seeing higher sales now than a year ago and where total home sales have more than doubled since February. The townhouse’s benchmark prices are $901,600, lower than in neighbouring Ladner. Detached-house prices in April were up 7.2% from a month earlier, at $1,473,200, but remain 14% lower than a year ago. Condo apartments, at $724,900, are nearly unchanged from last year. A total of 54 properties were sold and there are only 167 on the market. With a sales-to-listing ratio of 73%, the highest for an April in years, this is a sellers’ market with very low inventory.

Pitt Meadows: Total sales have been declining for more than a year and April was no exception with just 27 transactions, down 4% from a month earlier and 40% lower than in April 2022. Detached house prices remain 17% lower than a year ago but have rallied so far this year, up 7% to an April benchmark of $1,220,900.  New listings in April were up 26% compared to March 2023, bringing the overall supply to about 3 months. With a sales-to-listings ratio of 50%, compared to 65% in March 2023, this is a weak seller’s market that could be balanced.

Maple Ridge: Young families looking for a townhouse are often drawn to Maple Ridge, where there is a fairly good selection and benchmark prices are down 15% from April 2022, to $747,200. This is about $200,000 below the Lower Mainland benchmark. Townhouse prices are inching up, though, increasing about 6% so far this year. Total property sales in April reached 161 in April, 8% higher than in March and just 3% below April 2022. This seller’s market is firming, with new listings in April down 7% from a month earlier, a sales-to-new-listing ratio of 62% and just 506 homes on the market. 

Surrey: The Fraser Valley’s largest market saw just 255 detached sales, 216 townhouse transactions and 227 condo sales in April, with detached and condo sales up 4% from March and townhouse sales down 3%. Detached house prices were up 3.8% month over month, but down 16% from a year earlier, at $1,579,100. The lowest strata benchmark prices are in North Surrey, with townhouses at $749,700 and condo apartments at $497,800.

Download April Sales and Listings Statistics Houses Townhouses Condos
Download April Sales and Listings Statistics All Regional
Download Sales & Listings Images

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

April is showing improvements from March as we see sales and listings on a slow but steady increase, although dramatic changes in market activity aren’t likely month over month as we settle into a balanced market that has dressed up as a seller’s market. With active listing counts flirting with decreases in some areas and product types and slight increases in others, and as buyer activity increases, competition over those too few listings have increased thus shifting the advantage back into sellers’ hands in some cases.

At the mid-point of April, there have been 1,227 sales in Greater Vancouver, more than the 1,184 that sold at the mid-point of March, and much more than the 878 that had sold at the mid-point of February. Even looking at 2019 as we have, there were only 856 sales at the mid-point of April in that year. The comparison to that year and any year for that matter seems to be less meaningful. This is a market onto its own. With Easter having taken some steam out of the market, buyers are more active this month than last and with the last half of the month not impacted by spring break as March was, we can expect sales to accelerate through the remainder of April. We’re already seeing this as the daily sales reported by the Greater Vancouver’s Board are higher in the first two weeks of April compared to March. And with the Bank of Canada holding their rate last week, buyers have some certainty in interest rates for the foreseeable future.

At mid-month in Greater Vancouver there have been 2,182 new listings so far, just slightly above the 2,154 new listings at the mid-point of March and not much more than the 1,846 new listings at the mid-point in February. This is of course still far below the 3,202 new listings at the midpoint of April 2022 or 4,078 new listings at the mid-point of April 2021. And looking at the comparison to 2019, it’s even much lower than the 2,819 new listings at the mid-point of April in that year. Listing inventory continues to be a challenge for buyers to find in our market.

Some interesting side notes so far this month. Vancouver’s West Side thus far has seen less new listings at mid-month compared to March, while the East Side has seen greater new listings and less sales, creating more growth in active listings. North Vancouver perhaps waiting to get through spring break and Easter has seen less sales and new listings thus far compared to the mid-point of March. In Richmond while sales are slower in April compared to March so far, it is almost double the number of mid-April 2019. Townhouses are the strongest part of that market with active listing counts dropping. Burnaby East has seen almost as many sales so far as all of March, and Burnaby South has also seen a significant jump, showing three times the number of sales as April 2019 at mid-month. Port Moody has seen more sales than new listings so far in April, with a 110% absorption rate. Those new developments can’t happen quick enough there, especially townhouses where there have only been 3 new listings so far to go with 17 sales which has dropped active listings down to 13 there. Moving further east, inventory in Maple Ridge is dropping, especially for townhouses where active listings are down 40% year-over-year. Maybe this missing middle theme has some truth to it.

The low number of active listings continues to be as consistent and the cold, wet weather in Metro Vancouver. With an absorption rate of 56%, which is just higher than we saw in March at 55% mid-month, more new listings are selling than the previous month. And it’s right at where absorption was last April when we saw 56% of listings purchased that month mid-way through. With 8,778 active listings in Greater Vancouver, it’s just above the 8,515 that were available at this time last year when the market was beginning its turn from super heated to super conservative. And while its higher than the 8,395 at mid-month in March, it was believed we would start to see quicker growth in active listings as the spring market moved into full bloom. Here’s hoping spring truly comes to Metro Vancouver in the real estate market as well as with our weather.

Here’s a summary of the numbers:

Greater Vancouver

1,227 units sold so far in April 2023 compared to

1,184 units sold at mid-month in March 2023
878 units sold at mid-month in February 2023
1,797 units sold at mid-month in April 2022
2,402 units sold at mid-month in April 2021
564 units sold at mid-month in April 2020
856 units sold at mid-month in April 2019

2,182 new listings so far in April compared to

2,154 new listings at mid-month in March 2023
1,846 new listings at mid-month in February 2023 
3,202 new listings at mid-month in April 2022
4,078 new listings at mid-month in April 2021
1,105 new listings at mid-month in April 2020
2,819 new listings at mid-month in April 2019

Total active listings are at 8,778 compared to 8,515 at mid-month in April 2022, and 8,395 at mid-month in March 2023.
Sales to listings ratio is at 56% compared to 56% at mid-month in April 2022 and 55% at mid-month in March 2023.

Vancouver West 

215 units sold so far in April 2023 compared to

211 units sold at mid-month in March 2023 
143 units sold at mid-month in February 2023
334 units sold at mid-month in April 2022
402 units sold at mid-month in April 2021
96 units sold at mid-month in April 2020
154 units sold at mid-month in April 2019

420 new listings so far in April compared to

467 new listings at mid-month in March 2023
354 new listings at mid-month in February 2023 
639 new listings at mid-month in April 2022
767 new listings at mid-month in April 2021
196 new listings at mid-month in April 2020
568 new listings at mid-month in April 2019

Total active listings are at 1,988 compared to 2,155 at mid-month in April 2022, and 1,949 at mid-month in March 2023.
Sales to listings ratio is at 51% compared to 52% at mid-month in April 2022 and 45% at mid-month in March 2023.

Vancouver East

111 units sold so far in April 2023 compared to

127 units sold at mid-month in March 2023 
95 units sold at mid-month in February 2023
186 units sold at mid-month in April 2022
263 units sold at mid-month in April 2021
58 units sold at mid-month in April 2020
94 units sold at mid-month in April 2019

251 new listings so far in April compared to

223 new listings at mid-month in March 2023
189 new listings at mid-month in February 2023 
331 new listings at mid-month in April 2022
537 new listings at mid-month in April 2021
124 new listings at mid-month in April 2020
301 new listings at mid-month in April 2019

Total active listings are at 940 compared to 1,174 at mid-month in April 2022, and 903 at mid-month in March 2023.
Sales to listings ratio is at 44% compared to 56% at mid-month in April 2022 and 57% at mid-month in March 2023.

North Vancouver

90 units sold so far in April 2023 compared to

108 units sold at mid-month in March 2023 
68 units sold at mid-month in February 2023
150 units sold at mid-month in April 2022
232 units sold at mid-month in April 2021
50 units sold at mid-month in April 2020
71 units sold at mid-month in April 2019

153 new listings so far in April compared to

180 new listings at mid-month in March 2023
123 new listings at mid-month in February 2023 
231 new listings at mid-month in April 2022
338 new listings at mid-month in April 2021
89 new listings at mid-month in April 2020
273 new listings at mid-month in April 2019

Total active listings are at 496 compared to 455 at mid-month in April 2022, and 455 at mid-month in March 2023.
Sales to listings ratio is at 59% compared to 65% at mid-month in April 2022 and 60% at mid-month in March 2023.

West Vancouver 

34 units sold so far in April 2023 compared to

29 units sold at mid-month in March 2023 
22 units sold at mid-month in February 2023
25 units sold at mid-month in April 2022
54 units sold at mid-month in April 2021
13 units sold at mid-month in April 2020
27 units sold at mid-month in April 2019

94 new listings so far in April compared to

77 new listings at mid-month in March 2023
84 new listings at mid-month in February 2023 
104 new listings at mid-month in April 2022
147 new listings at mid-month in April 2021
43 new listings at mid-month in April 2020
119 new listings at mid-month in April 2019

Total active listings are at 475 compared to 457 at mid-month in April 2022, and 447 at mid-month in March 2023.
Sales to listings ratio is at 36% compared to 24% at mid-month in April 2022 and 38% at mid-month in March 2023.

Richmond

153 units sold so far in April 2023 compared to

163 units sold at mid-month in March 2023 
102 units sold at mid-month in February 2023
234 units sold at mid-month in April 2022
318 units sold at mid-month in April 2021
78 units sold at mid-month in April 2020
80 units sold at mid-month in April 2019

261 new listings so far in April compared to

264 new listings at mid-month in March 2023
255 new listings at mid-month in February 2023 
433 new listings at mid-month in April 2022
513 new listings at mid-month in April 2021
109 new listings at mid-month in April 2020
367 new listings at mid-month in April 2019

Total active listings are at 1,080 compared to 1,149 at mid-month in April 2022, and 1,057 at mid-month in March 2023.
Sales to listings ratio is at 59% compared to 54% at mid-month in April 2022 and 62% at mid-month in March 2023.

Burnaby East 

19 units sold so far in April 2023 compared to

10 units sold at mid-month in March 2023 
7 units sold at mid-month in February 2023
19 units sold at mid-month in April 2022
26 units sold at mid-month in April 2021
7 units sold at mid-month in April 2020
10 units sold at mid-month in April 2019

18 new listings so far in April compared to

22 new listings at mid-month in March 2023
12 new listings at mid-month in February 2023 
39 new listings at mid-month in April 2022
53 new listings at mid-month in April 2021
16 new listings at mid-month in April 2020
25 new listings at mid-month in April 2019

Total active listings are at 77 compared to 70 at mid-month in April 2022, and 77 at mid-month in March 2023.
Sales to listings ratio is at 106% compared to 49% at mid-month in April 2022 and 45% at mid-month in March 2023.

Burnaby North 

77 units sold so far in April 2023 compared to

80 units sold at mid-month in March 2023 
65 units sold at mid-month in February 2023
89 units sold at mid-month in April 2022
146 units sold at mid-month in April 2021
18 units sold at mid-month in April 2020
37 units sold at mid-month in April 2019

129 new listings so far in April compared to

110 new listings at mid-month in March 2023
112 new listings at mid-month in February 2023 
180 new listings at mid-month in April 2022
255 new listings at mid-month in April 2021
56 new listings at mid-month in April 2020
139 new listings at mid-month in April 2019

Total active listings are at 412 compared to 359 at mid-month in April 2022, and 380 at mid-month in March 2023.
Sales to listings ratio is at 60% compared to 49% at mid-month in April 2022 and 73% at mid-month in March 2023.

Burnaby South 

101 units sold so far in April 2023 compared to

60 units sold at mid-month in March 2023
58 units sold at mid-month in February 2023
104 units sold at mid-month in April 2022
126 units sold at mid-month in April 2021
29 units sold at mid-month in April 2020
33 units sold at mid-month in April 2019

125 new listings so far in April compared to
101 new listings at mid-month in March 2023
113 new listings at mid-month in February 2023
181 new listings at mid-month in April 2022
221 new listings at mid-month in April 2021
48 new listings at mid-month in April 2020
141 new listings at mid-month in April 2019

Total active listings are at 390 compared to 425 at mid-month in April 2022, and 387 at mid-month in March 2023.
Sales to listings ratio is at 81% compared to 57% at mid-month in April 2022 and 59% at mid-month in March 2023. 

New Westminster 

54 units sold so far in April 2023 compared to

43 units sold at mid-month in March 2023
30 units sold at mid-month in February 2023
74 units sold at mid-month in April 2022
102 units sold at mid-month in April 2021
37 units sold at mid-month in April 2020
56 units sold at mid-month in April 2019

80 new listings so far in April compared to
77 new listings at mid-month in March 2023
62 new listings at mid-month in February 2023
98 new listings at mid-month in April 2022
153 new listings at mid-month in April 2021
45 new listings at mid-month in April 2020
131 new listings at mid-month in April 2019

Total active listings are at 235 compared to 223 at mid-month in April 2022, and 238 at mid-month in March 2023.
Sales to listings ratio is at 68% compared to 76% at mid-month in April 2022 and 56% at mid-month in March 2023.

Coquitlam

90 units sold so far in April 2023 compared to

97 units sold at mid-month in March 2023
78 units sold at mid-month in February 2023
148 units sold at mid-month in April 2022
159 units sold at mid-month in April 2021
46 units sold at mid-month in April 2020
77 units sold at mid-month in April 2019

180 new listings so far in April compared to

152 new listings at mid-month in March 2023
129 new listings at mid-month in February 2023
263 new listings at mid-month in April 2022
307 new listings at mid-month in April 2021
93 new listings at mid-month in April 2020
213 new listings at mid-month in April 2019

Total active listings are at 506 compared to 547 at mid-month in April 2022, and 469 at mid-month in March 2023.
Sales to listings ratio is at 50% compared to 56% at mid-month in April 2022 and 64% at mid-month in March 2023. 

Port Moody

54 units sold so far in April 2023 compared to

37 units sold at mid-month in March 2023
19 units sold at mid-month in February 2023
35 units sold at mid-month in April 2022
71 units sold at mid-month in April 2021
10 units sold at mid-month in April 2020
25 units sold at mid-month in April 2019

49 new listings so far in April compared to
50 new listings at mid-month in March 2023
49 new listings at mid-month in February 2023
56 new listings at mid-month in April 2022
87 new listings at mid-month in April 2021
28 new listings at mid-month in April 2020
79 new listings at mid-month in April 2019

Total active listings are at 163 compared to 129 at mid-month in April 2022, and 177 at mid-month in March 2023.
Sales to listings ratio is at 110% compared to 63% at mid-month in April 2022 and 74% at mid-month in March 2023.  

Port Coquitlam 

35 units sold so far in April 2023 compared to

28 units sold at mid-month in March 2023
20 units sold at mid-month in February 2023
55 units sold at mid-month in April 2022
83 units sold at mid-month in April 2021
22 units sold at mid-month in April 2020
31 units sold at mid-month in April 2019

52 new listings so far in April compared to

57 new listings at mid-month in March 2023
45 new listings at mid-month in February 2023
101 new listings at mid-month in April 2022
232 new listings at mid-month in April 2021
37 new listings at mid-month in April 2020
80 new listings at mid-month in April 2019

Total active listings are at 159 compared to 168 at mid-month in April 2022, and 150 at mid-month in March 2023.
Sales to listings ratio is at 67% compared to 54% at mid-month in April 2022 and 49% at mid-month in March 2023. 

Ladner 

16 units sold so far in April 2023 compared to

23 units sold at mid-month in March 2023
16 units sold at mid-month in February 2023
17 units sold at mid-month in April 2022
39 units sold at mid-month in April 2021
6 units sold at mid-month in April 2020
15 units sold at mid-month in April 2019

27 new listings so far in April compared to

20 new listings at mid-month in March 2023
35 new listings at mid-month in February 2023
26 new listings at mid-month in April 2022
46 new listings at mid-month in April 2021
17 new listings at mid-month in April 2020
33 new listings at mid-month in April 2019

Total active listings are at 102 compared to 83 at mid-month in April 2022, and 86 at mid-month in March 2023.
Sales to listings ratio is at 59% compared to 65% at mid-month in April 2022 and 115% at mid-month in March 2023. 

Tsawwassen

17 units sold so far in April 2023 compared to

13 units sold at mid-month in March 2023
15 units sold at mid-month in February 2023
23 units sold at mid-month in April 2022
39 units sold at mid-month in April 2021
14 units sold at mid-month in April 2020
9 units sold at mid-month in April 2019

38 new listings so far in April compared to

38 new listings at mid-month in March 2023
23 new listings at mid-month in February 2023
41 new listings at mid-month in April 2022
62 new listings at mid-month in April 2021
20 new listings at mid-month in April 2020
50 new listings at mid-month in April 2019

Total active listings are at 177 compared to 118 at mid-month in April 2022, and 157 at mid-month in March 2023.
Sales to listings ratio is at 45% compared to 56% at mid-month in April 2022 and 34% at mid-month in March 2023.

Download April Sales and Listings Statistics Houses Townhouses Condos
Download April Sales and Listings Statistics All Regional

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Highlights of Dexter Realty’s March 2023 Report: 

• Benchmark prices are 22% higher than three years ago

• Greater Vancouver sales are up 146% from January 2023

• Greater Vancouver Benchmark detached-house price rise $60,000+ this year

• First-time homebuyer incentive starts April 1

• Five-year fixed mortgages are now the lowest-rate option

• Fraser Valley home sales soared 72% in a month 

March came in like a tiger and went out like a lion with housing sales doubling over the last two weeks of the month and a total of 2,535 sales up 38% from a month earlier and a startling 146% rebound from the 1,030 transactions in January 2023.

The composite benchmark home price increased by 3% from the end of January.
With the number of listings we have, it is a spring seller’s market with momentum.
In the Fraser Valley, sales in March were 72 percent higher than in February and, at 1,550, total transactions were above the 1,000-unit level for the first time since August of 2022. More surprising is the retreat of active listings, with detached and townhome listings down 20 to 30% year-over-year, even as much as 50% down in some pockets. This has shifted a lot of those markets to 2 to 3 months supply.

Some were surprised at the performance, including most media who are comparing the current market with last year, which is meaningless. The first quarter of 2022 was still in a once-in-a-century pandemic and the Bank of Canada had just started eight straight mortgage rate increases that spooked buyers and sellers alike.

Within the next few months, sales will begin to surpass the same month in 2022 and the headlines and perception of the current sales and price momentum will change.
The Bank of Canada's next interest rate announcement is scheduled for April 12. It’s widely anticipated that the Bank will hold the key overnight rate at 4.5%. Also, after the April break is when lenders tend to come out with their spring mortgage promotions, which should help with the downward pressure on rates.

Fixed-rate mortgage rates are already falling. As of March 30, the lowest rates in Canada were for five-year fixed-rate mortgages at 4.29% for insured mortgages and 4.59% for uninsured home loans, according to a survey by rate.com.

Also, April 1 is the official launch of the new federal Tax-Free-Savings Account for home buyers. It allows a young couple to save up to $80,000 for the down payment on their first home on a tax-free basis. Not a huge incentive but enough to encourage some tenants into ownership. 

The market has changed this spring and you can see and feel it on the street. Buyers who have come back into the Greater Vancouver market already know the score. They are seeing multiple offers on desired properties and benchmark prices that have been rising an average of $15,000 a month so far this year.

Everything is up except listings and even they will not likely stay this low for long as more sellers recognize prices are firming and buyers are back.

March saw 4,317 new listings for residential properties, which was nearly 1,000 more than in either February or January. This was a 35.5% decrease compared to the 6,690 homes listed in March 2022, however, and was 22.3% below the 10-year seasonal average. The overall sales-to-new-listing in March was 57%, which compares to the sales-success ratios during the hot market of 2021. 

The total number of homes listed for sale at the end of March in Greater Vancouver was 8,617, an 8% increase compared to March of last year. Don’t be surprised to see a sudden spike in sellers this spring, since March had the lowest number of new listings for that month since 1995. 

For those who are considering a sale, now is the time to list your property before the rush of new listings begins and competition for buyers increases.

It is resale listings that will deliver the most homes: Metro Vancouver's total non-rental housing starts so far this year are just 700 units higher than in 2022.

Don’t count on the B.C. government's latest ‘Homes for People’ plan to suddenly increase the supply or lead to lower housing prices. The plan, introduced in early April, includes automatic rezoning of every single-family lot in the province to allow up to four housing units. But this has yet to be put into legislation, so at this point, it is just a promise. We’ll have to wait until the fall to see what this may look like and the timing of it being in effect.

The City of Coquitlam has had a similar plan in place for years, allowing fourplexes, smaller lots and laneway houses in most single-detached neighbourhoods in the city since 2011. 

Since then, however, the composite benchmark price of a Coquitlam detached house has increased 143%, compared to an average of 80% in the rest of Greater Vancouver; Coquitlam’s rental vacancy rate is among the lowest, at 0.7%, and the city’s rental rates are the same or higher than anywhere else in the region. Also, Coquitlam is currently sitting with just a 2 months supply of housing, mostly strata units. Clearly, the Metro region has a long way to go in adding supply if progressive Coquitlam can’t even keep up.

The B.C. plan to mandate four-plex density zoning on detached lots will increase the price of a house for rental investors or developers but it won’t deliver more homes people can buy. In the 30-page Homes for People report, strata is never even mentioned. This means house owners who opt into the plan must also become landlords, which many owners have no interest in.

The Homes for People plan is really a ‘houses for rental investors, speculators and tenants.’ This is not a bad thing, but it falls far short of the altruistic hyperbole that always surrounds such government announcements.

Bottom line: We are now at the start of the first normal market in three years. We don’t have ultra-low ‘quantitative easing’ interest rates; the sales-to-listing ratio is becoming balanced; and prices and sales are steadily increasing. All we now need is back-to-normal listings, which, hopefully, we can move toward this spring.

March 2023 report on regional markets:

Greater Vancouver: This is now a near-classic seller’s market. Greater Vancouver is down to a mere 3-month supply of townhouses and apartments available for sale, while detached houses are at a 4-month supply. Something to note: the benchmark composite home price is now 22% higher than it was three years ago when the global pandemic began. Detached sales improved significantly in March, in some areas leading in comparison to last month. While strata units were in seller’s market conditions last month, detached has also shifted to a seller’s advantage, based on current inventory levels. The benchmark price for all residential properties is currently $1,143,900. This represents a 1.8% increase compared to February 2023. The March benchmark detached house price is $1,861,800, up 2.7% – or about $50,000 – from a month earlier. “On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about 1% to 2% across all product types,” noted Andrew Lis, director of economics and data analytics for the Real Estate Board of Greater Vancouver. 

Fraser Valley: Total housing sales in March posted a 72.6% increase from a month earlier and the 1,550 transactions marked the first-time monthly sales topped 1,000 since August 2022. New listings, at 2,559, were 32% higher than in February, but still 44% below last year, while active listings were up 2.8% over last month. However, listings remain among the lowest March level in a decade. The Fraser Valley Real Estate calls it a week seller’s market, with the overall sales ratio at 31% and townhouse sales-to-listing ratio at 62%. Benchmark prices for detached houses increased 1.9% month-to-month, to $1,390,600. Townhouses were up 2.3% from February, at $794,400; and condo apartments reached $521.800 also, up 2.3% from a month before.

Vancouver Westside: Multiple offers are back in the most-watched market as sales of detached houses in March were the highest since March 2022 and benchmark prices shot up 3.7% from February 2023, to $3,218,500. With 94 sales from 177 listings, the sales ratio was 57% in this seller’s market. Total March residential sales were 449, up 42% from February 2023, and 131% higher than in January 2023. Active listings were at 1,977 at month-end compared to 2,065 at that time last year and 1,923 at the end of February; new listings in March were up 29% compared to February 2023. The supply of total residential assets for sale is down to 4 months and the overall sales-to-listings ratio is 49% compared to 44% in February 2023 as the Westside readies for an active spring.

Vancouver East Side: March sales were 143% higher than in January 2023 and 45% above February 2023, at 287 transactions. With total supply down to 899 properties and new listings up 20% from February, we are calling this a seller’s market. The sales-to-new-listing ratio in March was 62%, compared to 68% a year ago. The benchmark detached house price was up 2.1% from February 2023 and the benchmark price rose 1.7%, month-over-month to $1,135,500. Condo sales led the market in March, with 111 transactions at a median price of 
$665,000.

North Vancouver: New listings didn’t last long in March, with a 72% sales-to-listing ratio and total sales of 215 properties, led by 111 condo apartment sales at a benchmark of $782,800, a price up 2.5% from a month earlier. Townhouses are benchmarked at $1,304,000 with detached houses at $2,141,300, both marginally higher than in February. Total new listings rose 45% from a month earlier, but with sales up 44% month-over-month, a 58% sales-to-listing ratio and prices rising across the board, this remains a strong seller’s market.

West Vancouver: Since the first of this year, 135 homes have sold in West Vancouver and 64 of them sold in March when sales were up 129% from January. But new listings were up just 6% from February and the total inventory of 463 properties represents about a 7-month supply. This buyer’s market is seeking balance with a sales ratio of 39% and the benchmark home price at $1,274,300, up 2.2% from February 2023 but 8% lower than in March 2022. Looking for a deal? West Vancouver’s detached house prices are down 9% from a year ago, at $3,019,500.

Richmond: Richmond posted the largest month-over-month house price increase in the region, with March detached house prices up 6.6% from February to $2,108,100. Total sales were also much higher, rocketing up 55% from a month earlier. Detached sales were up 50% at 95 transactions. Richmond is a seller’s market on steroids, with a sales-to-new-listing ratio of 74%, compared to 49% in February and 63% in March of last year, and total inventory is down to three months.

Burnaby East: Modest increases in home sales, up 5% from February to just 20 transactions in March, compared to a 135% increase in listings would normally signal a buyer’s market. But with just a two-month supply of total active listings and a 43% sales-to-listing ratio, we are calling this to the seller’s advantage. The benchmark home price in March was $1,156,600, up 2.2% from a month earlier but down more than 10% from the same month last year.

Burnaby North: Detached house prices edged up 2% from February to $1,878,200 in March, the highest increase in Burnaby but still 10% below March 2022. Townhouse and condo prices were virtually unchanged from February 2023. This is a seller’s market with a sales-to-new-listing ratio of 71% and just a two-month supply on the market. There are 388 active listings on the market, with new listings up 17% from February 2023. Total sales in March tallied 169 transactions, the highest level so far this year.

Burnaby South: Total sales have been rising month-over-month in the first quarter and reached 130 in March, at a benchmark home price of $1,075,100. This remains a seller’s market, though sales are still down 40% from a year ago and prices are 8.5% lower.  Active listings were 408 at month-end compared to 395 at that time last year and 377 at the end of February. Total listings are steady at 3 month’s supply and the sales-to-listings ratio of 55% compares to 57% in February 2023 and 59% in March 2022.

New Westminster: There is a wide price spread for condo apartments in New Westminster, where the condo benchmark price is $648,000. Dig down and you will find the median condo price varies from a low of $455,000 in the West End of the Royal City to $522,000 in the uptown and peaked at $885,000 in Queensborough, based on March sales stats. That is why it is a good idea to have a knowledgeable real estate agent to guide you if you are a new buyer in historic New West. The overall market is active, with total sales of 96 in March, which was 140% higher than in January 2023 and up 46% from February. This is a seller’s market still, with a sales-to-listing ratio of 68% and just 229 properties on the market.

Coquitlam: As noted above, Coquitlam was a pioneer in up-zoning detached homes to create more housing units per lot, which the city started in 2011, and the BC government now wants to mandate across the province. The rather unsettling result is that, 12 years later, Coquitlam has only a 2-month supply of homes with just 428 on the market as of the end of March. And sales are increasing, with March transactions rising 24% from a month earlier and up 169% since January, to 196.
The benchmark price is up 2% from the start of the first quarter, at $1,065,800. This is a seller’s market, with a 64% sales-to-listing ratio, which is higher than in March 2022, and prices rising for all property types. 

Port Moody: The first master-planned residential community approved and moving forward since 2004 is now pre-selling in Port Moody. The 23-acre, $1.1 billion Portwood development, by Edgar Development, includes 2,000 strata homes and about 470 rentals in the Woodland Park area. The new homes are badly needed as other new projects remain stalled and there is barely a 2-month supply of resales on the market. With total sales of 80 in March, up 70% from a month earlier, the benchmark price is up 2.4% so far this year to $1,105,200 and detached houses are selling at a benchmark of $2,107,400, up 2.4% from a month earlier. The sales-to-listing ratio is high at 70%, nearly the same as a year ago. (Incidentally, the cost for the developer to deliver Portwood included $2.85 million in public art; $30 million for a new road; 328 low-rent housing units for BC Housing, and donating 70% of the land for green space. 

Port Coquitlam: Like Coquitlam, Port Coquitlam also has a plan of “gentle density” to add more housing units on detached lots. However, only 66 new homes have started in the entire Tri-Cities market so far this year. Port Coquitlam has seen housing sales double so far this year, to 69 in March and the benchmark home price is up 3.1% since January at $915,700, which is still down nearly 12% from a year ago. The sales-to-new-listing ratio in March was a balanced 54% as this seller’s market readies for the spring buying season with a total of 160 properties on the market.

Pitt Meadows: Total March sales were up 87% compared to both January and February, to 28 transactions, as the residential benchmark price edged up 2.5% from February to $846,500. This price remains 20% below March 2022. With a total of 69 active listings and a sales ratio of 65%, this is a seller’s market, but March saw a 59% increase in new listings from February, so buyer selection is improving. 

Maple Ridge: Maple Ridge benchmark prices also remain nearly 20% below a year ago, with detached houses selling for $1,179,500 in March, up a modest 1.1% from the first of this year. There was a total of 149 homes sold in March, 129% higher than in January and up 16% from February. With 495 active listings on the market and 54% of new listings selling in March, this is a steady seller’s market. Buyers may want to look at townhouses, now selling for $731,700, the lowest price in the Greater Vancouver mainland market, and down 19% from March 2022.

Ladner: Ladner continues to struggle for townhouse and condo listings, with townhouses only having 1 month supply and a 92% absorption rate and condos seeing the most sales since October 2021. In March, total sales of all property types were up 138% from January and the sales-to-listing ratio hit 55%. But this is not a balanced seller’s market, with townhouse prices up a market-leading 8.6% since the first of the year, to $998,500; and condo prices up 6.5% in the same period to $714,300. The supply of total residential listings is down to a 3-month inventory at the current sales pace.

Tsawwassen: Sunny Tsawwassen turned on the heat in March, with housing sales up 40% from a month earlier to 35 units. The strata market is sizzling, with townhouse benchmark prices rising 11.5% since January 1, to just over $1 million; and condo prices up 6.6% in the same period to $740,600 – a price slightly above March 2022 and 37% higher than even three years ago. This is pegged as a balanced market with a sales-to-listing ratio of 43%, but sellers are fully in control of the tight townhouse and condo sector. 

Surrey: The city posted an 84.8% increase in detached-house sales in March compared to a month earlier, with the composite benchmark price unchanged at $1,503,200, though still down 19.5% from March 2022. Townhouse sales were up 59% from February and condo sales rose 48%, month-over-month, to 217 transactions at an average price of $536,054. With active listings, sales and prices rising this year in every market from North Surrey to South Surrey-White Rock, B.C.'s second-biggest city is shaping up as a very active spring market, with buyers holding a slight edge.

Download March Sales and Listings Statistics Houses Townhouses Condos
Download March Sales and Listings Statistics All Regional
Download Stat Images

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

Highlights of Dexter Realty’s February 2023 Report 

• Prices increased month-over-month for the first time since May 2022

• Housing sales are up 77% from January; new listings are up just 5%.

• Multiple offers are being seen on Westside detached houses. 

• Top townhouse market: New Westminster.

• Undersupplied North Vancouver is now a seller’s market.

The last three years have been an anomaly for housing markets around the world and Greater Vancouver is no exception. That is why it is virtually useless to compare our current, back-to-reality environment with what was happening a year or two years ago during a once-in-a-century event.

In 2021, we were in the grip of a global pandemic and a home-buying frenzy with mortgage rates at record lows. In February 2022, housing sales and prices hit a white-hot peak just before the federal government hosed it down with the first of eight straight interest rate increases through the Bank of Canada.

Today, in February 2023, the panic buying is history, mortgage rates have stabilized, and buyers are back into the first normal housing market in four years. Driven by buyer demand and low supply, February marked the first month-to-month home price increase in nine months.

Greater Vancouver housing sales, at 1,824 transactions in February, were up 77% from January 2023 and 21% higher than in February 2019, before the whole pandemic-influenced housing boom-and-bust began. February sales were also higher than in November and December 2022, and, we believe, signal the start of a strong spring selling season.

Buyers are already competing with other buyers for far fewer listings. The number of new listings in February was the lowest for that month going back to pre-1991, much the same as it was in January. Compared to January 2023, listings were only up 5%. 

But, since sales have been slower over the past 10 months, a total of 8,283 homes were on the market at the of February, above the 7,862 active listings at the end of January and a few hundred more than in December 2022. 

With buyers flowing back into the market, immigration hitting record levels and interest rates settling down, this appears a prime time to encourage housing starts. However, governments at all levels appear to be doing their best to stunt new home construction.

• The federal government has banned foreign buyers for two years, including those investing in residential land, if the developer has less than 97% Canadian ownership. For example, a 3,000-unit Burnaby residential development, now under construction, would not be allowed today because the developer is based out of London, England. The recent collapse of major condo developers in Metro Vancouver could be traced to the ban’s impact on companies with as little as a 3% foreign ownership. This has put thousands of new homes at risk.

• The B.C. government is spending $500 million to stop or stall the private redevelopment of 50 and 60-year-old rental buildings into modern, higher-density housing projects.

• Metro municipalities are jacking up development cost charges, even as housing starts fall. Among the examples is Richmond, where housing starts so far in 2023 total just 73 units, down 80% from the 381 starts at the same time a year ago. Richmond is raising DCC rates on single-family lots by $20,000 to $61,138, and raising the DCC rate for condo apartments and townhouses by 43% to more than $34 per square foot. This means that a modest new townhouse of 1,200 square feet will now cost about $41,000 just in city development fees. 

All governments preach about addressing the supply of ‘missing middle’ housing for families, which translates as townhouses. Yet only 3 townhouse units have started so far this year in the City of Vancouver, compared to just 21 units a year ago at this time – and a mere 90 townhouse units were started in all of 2022 across Metro Vancouver.

For residential investors, the consistent housing shortage is a blessing, which is why Metro Vancouver has become a “buy and hold” housing environment. Owners know that the law of supply and demand ensures that home prices will keep increasing. So they wait it out. In markets where sales levels are declining, an increase in new listings would add to the active listing count and provide downward pressure on prices. 

That’s not the Metro Vancouver market, where sales are turning back up.

Any increase in new listings will be absorbed by buyers. With the level of competition we are now seeing in the market, buyers are craving listings and competing for different product types in different areas. Active listing counts are up about 500 since the end of December. Absorption rates today are twice what they were in a similar market in 2019, and are only held in check by the lack of homes on the market.

The bottom line: Greater Vancouver listings are scarce at a time when they should be double what they are. 

Prior to 2015, having 15,000 to 20,000 active listings in Greater Vancouver was the norm. Since then, we’ve barely scratched above 15,000 and right now we are at half that level. Restrictive zoning and slow-moving development approvals continue to barricade supply. And without that supply, a seller’s markets will continue, at whatever level of demand we have in the market. 

A look at the Regional housing numbers: 

Greater Vancouver: Total housing sales were up 77% compared to January 2023, while new listings were up 5%. The result was the composite benchmark home price posted the first month-over-month increase since May of 2022, rising 1.1% to $1,123,400. Detached house prices rose 0.7%, to $1,813,000; condo apartment prices rose 1.6% to $732,200; and townhouse benchmark prices were up 1.8%, compared to a month earlier, to $1,038,500. Active Listings were at 8,283 at month-end compared to 7,062 at that time last year and 7,862 at the end of January. Greater Vancouver’s detached housing market is now seen as a balanced market, with both condo apartments and townhouses in a seller’s market. The total sales-to-new-listing ratio in February was 51%, compared to 30% in January 2023 and 62% in February 2022.

Fraser Valley: The Fraser Valley Real Estate Board processed 898 sales in February, an increase of 43.5% over January 2023, but still only half as many as were recorded a year ago. February new listings were up by 5.7% over January 2023 to 1,938 but 48.25% lower than in February 2023. Active listings were up 7% from a month earlier. The composite benchmark home price in February was $946,700 up 0.5%  from January 2023 and the first month-over-month increase since April 2022. Further, the benchmark price is 36% higher than in pre-pandemic February 2020. 

Vancouver Westside: February total sales, at 316, were up 63% from January 2023 and would have been even higher if more listings were available. One Westside house had 16 offers on it at the end of February, an indication of the demand. New listings were down 1% from January, but active listings as of month end were at 1,923, representing about a six-month supply. The sales-to-new-listing ratio is running at 44%, up from 27% a month earlier. There is a severe shortage of townhouses, with nearly half the 91 new listings selling in February at a median price of more than $1.48 million. No new townhouses have started construction this year on the Westside. The February benchmark price for a detached house on the Westside jumped 2.7% from a month earlier, to $3,103,100.

Vancouver East Side: Total housing sales in February, at 198, were up 68% from January 2023, but new listings were up by only 6%, while the sales-to-new-listing ratio reached a balanced 52%, up from 33% in January, and close to 55% ratio in the hot market a year ago. This is a market to watch. Benchmark prices were up in all sectors from a month earlier, led by a 2.9% surge in townhouse prices to $1,052,500. The supply of total residential listings is down to five months supply, with condos in seller’s market conditions. Benchmark condo prices were up 1% from January, to $683,600, based on 101 sales, double the number a month earlier.

North Vancouver: This perpetually under supplied market is a seller’s market with only a three-months supply of listings, even with growth in active listings of townhouses and condos. A total of 150 sales were seen in February, up 83% from a month earlier, but active listings were just 20 homes higher, at 436 units. With the sales-to-listing ratio at 59%, townhouse prices shot up 4.1% from January 2023, to $1,286200, and detached and condo benchmark prices were up nearly 2% from a month earlier.

West Vancouver: Sales increased 54%, month over month to 43 transactions, but because of a 21% spike in new listings, there is now a 10-month supply of homes, in this buyer’s market for detached houses. It remains a seller’s market for townhomes, because the supply is so low, perhaps one reason West Vancouver’s population is declining. West Van posted a modest decline in most prices compared to January, except for condo apartments, which were up 2.7% to a region-leading $1,228,900.

Richmond: Despite the angst in Richmond’s strata market – where an 800-unit development has gone into receivership and starts have plunged 80% from a year ago, total sales in February were up 89% from January. The benchmark composite home prices rose 2% from a month earlier with condos selling for $735,800; townhouses at $1,083,100; and detached houses at just over $2 million. With an overall sales-to-listing ratio of nearly 50%, the detached-house market is in balanced conditions, with a seller’s market building steam in the strata sector. 

Burnaby East: Total sales in February were 21, up 133% from a month earlier and the sales-to-listing ratio hit a stunning 105%, compared to a low of 20% in January 2023 and 52% in February of last year. This is a seller’s market on steroids with the composite benchmark price up 2.2% month-over-month to $1,102,900, the highest in Burnaby.

Burnaby North: With total sales up 113% from January 2023, to 134, and total active listings down 10%, this is also a seller’s market with a mere three-month supply of listings and a sales ratio of 66%. The saving grace is the high number of new condos coming to the market in the Brentwood-Gilmore area. The composite home price was up from January, led by a 2.4% surge in townhouse prices to $892,100.

Burnaby South: Many Burnaby buyers were southbound in February, driving total sales up 119% from a month earlier, to 118 transactions. Active listings were 377 at month end compared to 352 at the end of January, which translates to a three-month supply at the current sales pace. The composite benchmark price was up nearly 1% from January at $966,500. The sales-to-listing ratio is a healthy 57% with the strata sector in seller’s market conditions.

New Westminster: For buyers looking for scarce townhouses, the Royal City has a good selection. Only 3 townhouses sold in February and there is nine-month supply on the market. Benchmark townhouse prices, however, increased 4.4% from January 2023, to $932,200, the same price as in February 2023. Total housing sales in February were 65% higher than a month earlier, at 66, at new listings inched up by 1%. The overall sales-to-listing ratio is 62%, up from 38% in January 2023 with a buyer’s market for townhouse and condos and a balanced market for detached houses, where prices are up 2.4% or about $34,000 – from a month earlier at $1,418,100.

Coquitlam: It seems hard to understand with the amount of new multi-family construction over the past two years, but Coquitlam is seeing a shortage of strata homes. Coquitlam had one of the biggest turnarounds in February with sales up 116% compared to January. Townhouse sales went from 4 in January to 40 in February. With that, there is just a two-months of inventory for townhouses and condos. The composite benchmark price is up 0.7% from a month earlier, but townhouse prices rose 2.5% from January to $999,900. With an overall sales-to-listing ratio of 67%, this is a seller’s market for strata units and balanced in the detached sector.

Port Moody: Even with total listings of 200 at the end of February, and a significant increase in townhouse and condo listings, strata units are in a seller’s market, along with detached houses. There were more sales than new listings compared to January, with a 104% sales increase from the month previous, to 47 transactions while only 91 new listings in February compared to 103 in January. More than half (52%) of the new listings sold in February, while the composite benchmark price increased 1% to $1,093,100, the highest in the Tri-Cities. 

Port Coquitlam: There is only a one-month supply of townhouses with twice as many sales as new listings in February. Total housing sales reached 40, up a modest 18% from January 2023. The total supply of residential listings is down to four months, meaning a balanced market conditions for detached houses, with townhouses and condos in seller’s market conditions. The overall sales-to-listing ratio is a healthy 46% and the composite benchmark price has held steady (up 0.7%) for three months at $900,900.

Pitt Meadows: Sales didn’t budge month-over-month, with 15 transactions in February, while new listings fell 29% compared to January 2023. The total inventory remains at a four-month supply in this balanced market, with a sales-to-listing ratio of 55%. The composite benchmark home price fell 0.6% from January to $825,900.

Maple Ridge: Total housing sales in February were up 98% from January 2023 to 129 transactions, but new listings were down 4% from a month earlier. With a sales-to-listing ratio of 62%, the same as in February of last year and up from 30% in January 2023, this is a sellers’ market with just four months of inventory. Still, Maple Ridge plans to increase development cost charges this year to $41,000 for a new detached house, up from $22,465, and raise per-square-foot fees for new condo and townhouse units by 80%. The composite benchmark home price in February was up about 1% from January, at $918,300, but townhouse prices rose 3.5%, month over month, to $723,600.

Ladner: The townhouses market saw significant increases in sales and listings accounting for as many sales in February as detached and condos combined. Still, the total market was fairly brisk, with 27 transactions, up 69% from a month earlier and higher even than in February of last year. Townhouse prices spiked up 6.7% from January 2023 tied as the highest increase in Metro Vancouver – to $988,600. New listings were up 42% from a month earlier and there were 98 active listings as February ended. With a sales-to-listing ratio of 44%, this is a balanced market slanting towards a seller’s advantage for townhouses and condos.

Tsawwassen: Detached house listings were down 41% compared to January, while condos remain with a three-month supply. Detached houses and townhouses are in a balanced market. Total sales were rather tepid, at 25 transactions compared with 20 in January 2023 and 73 in February 2022. Perhaps buyers are tired of the back-and-forth Massey Tunnel replacement plan that doesn’t seem to ever get off (or under) the ground. This was noticeably absent from the recent provincial budget announcement and its three-year infrastructure plans. Despite a sales ratio of 47%, the composite benchmark price was down 3.7%, month-over-month, to $1,112,800, led by a sharp 7% drop in detached house prices.

Surrey: Benchmark home prices in Surrey were higher than in January, the first month-over-month increase since April of 2022. Detached house prices were up 0.7% to $1,503,200; townhouse prices rose 1% to $ $ 803,100 and condo apartment benchmark prices were up 1.4% to $522,700. The outlier is South Surrey-White Rock’s detached market, where prices slipped down 1.4% from January to $1,776,300, still the highest price in the Fraser Valley. With total Surrey sales up 61% from January 2023, at 132 transactions, and new listings up less than 15%, Surrey is considered a balanced market.

Download February Sales and Listings Statistics Houses Townhouses Condos

Download February Sales and Listings Statistics All Regional

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

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.

Download December Sales and Listings Statistics Houses Townhouses Condos
Download December Sales and Listings Statistics All Regional
Download Stat Images

It’s not how it looks.

As the calendar turned to 2023, real estate in British Columbia became a lot more complicated. Having dealt with a City of Vancouver Empty Homes Tax, the provincial Speculation and Vacancy Tax and a provincial foreign buyer’s tax, we were given the gift of a provincial 3 Day Home Buyer Rescission Period, a two-year ban on foreign buyers across Canada and a national Underused Homes Tax – essentially a Canada wide empty homes tax for foreign owned properties. If your new years resolution was more government regulation, you got it! While all these policies really just attack the demand side of the home buying equation, we started the year yet again with an extremely low level of active listings, and so far that’s not changing. While sales are slow to start the year, we are only two weeks in and rescission or not, buyers are out shopping. Will they find more homes stocked on the shelves as we move through the first part of 2023, that remains an important question.

At the mid-point of January, there have been 334 sales in Greater Vancouver. This is well below the 795 at the mid-point in December and of course below the 788 at the mid-point of January last year, which was a completely different market. If we compare to January 2019, which was coming out of one of the slowest years on record, it was more closely matched with there being 396 sales in January 2019. It’s still early, and the number of sales in January in the second half tend to be more than 3 times what they are in the first two weeks. And if there is a more significant increase in the number of new listings, the number of sales will be that much higher. January 2019 finished with 1,120 sales after a similar start to this month, so it is quite likely we’ll see similar numbers if not more depending on whether sellers come to the market this month. And judging by the comments of REALTORS® over the last week, open houses have been much busier than the fall and there have been multiple offers occurring on what limited number of homes there are on the market. After sitting through the last few months of the year, some listings are seeing offers come in. Perhaps a sign that buyers are adjusting to the new levels of interest rates and that the pent-up demand is starting to get more active. And most certainly a sign that sellers may want to jump on an early spring market.

At mid-month in Greater Vancouver there have been only 1,379 new listings, which is above the 984 new listings at the mid-point of December but significantly below the 1,639 new listings at the midpoint of January 2022 and much more below the number of new listings of 1,940 at the mid-point of January 2019 – you know, that other slow market period. After seeing active listings drop below 7,000 in Greater Vancouver, there are now 7,294 listings, up, but ever so slightly. A 24% sales-to-listings ratio has helped, but with the few numbers of new listings, it’s not adding much to the well of active listings so far.

While it is too early to recognize trends in any market, North Vancouver, West Vancouver, and Port Moody appear to be the slowest out of the gate for sales. As of the middle of the month, Port Moody only had two sales – and they were condos and North Vancouver had only seen one townhouse sale. Certainly, in the case of Port Moody, the available number of new listings is a contributing factor in the low number of sales. New Westminster is following along the same path for new listings as December, very few and as a result that’s hold back sales. Coquitlam is bucking the trend with a higher pace of new listings so far in January, with the condo segment being the larger extend of new listings. And with, Coquitlam City Council starting its first meeting of 2023 by sending the Polygon proposal for a massive development out for comment that would see 2,835 units built at the Port Moody border, just north of Lougheed Highway. This would be similar to what Marcon Quadreal is planning to build at the corner of Lougheed and Barnet Highway. All while Port Moody seeing a bid from Wesgroup come in to assemble 59 single-family homes for a high-density development. These two cities are focussing on development – perhaps something others should take note of. And given the lack of listings buyers have to shop from, they can’t come soon enough.

Here’s a summary of the numbers:

Greater Vancouver

334 units sold so far in January 2023 compared to
793 units sold at mid-month in December 2022
788 units sold at mid-month in January 2022
977 units sold at mid-month in January 2021
538 units sold at mid-month in January 2020
396 units sold at mid-month in January 2019

1,379 new listings so far in January compared to
984 new listings at mid-month in December 2022
1,639 new listings at mid-month in January 2022
2,185 new listings at mid-month in January 2021
1,924 new listings at mid-month in January 2020
1,940 new listings at mid-month in January 2019

Total active listings are at 7,294 compared to 5,427 at mid-month in January 2022, and 8,787 at mid-month in December 2022.

Sales to listings ratio is at 24% compared to 48% at mid-month in January 2022 and 81% at mid-month in December 2022.

Vancouver West

62 units sold so far in January 2023 compared to
157 units sold at mid-month in December 2022
152 units sold at mid-month in January 2022
154 units sold at mid-month in January 2021
89 units sold at mid-month in January 2020
57 units sold at mid-month in January 2019

303 new listings so far in January compared to
194 new listings at mid-month in December 2022
395 new listings at mid-month in January 2022
426 new listings at mid-month in January 2021
178 new listings at mid-month in January 2020
193 new listings at mid-month in January 2019

Total active listings are at 1,723 compared to 1,637 at mid-month in January 2022, and 2,085 at mid-month in December 2022.

Sales to listings ratio is at 20% compared to 48% at mid-month in January 2022 and 81% at mid-month in December 2022.

Vancouver East

41 units sold so far in January 2023 compared to
75 units sold at mid-month in December 2022
88 units sold at mid-month in January 2022
97 units sold at mid-month in January 2021
48 units sold at mid-month in January 2020
41 units sold at mid-month in January 2019

144 new listings so far in January compared to
109 new listings at mid-month in December 2022
153 new listings at mid-month in January 2022
236 new listings at mid-month in January 2021
178 new listings at mid-month in January 2020
193 new listings at mid-month in January 2019

Total active listings are at 793 compared to 652 at mid-month in January 2022, and 979 at mid-month in December 2022.

Sales to listings ratio is at 28% compared to 58% at mid-month in January 2022 and 69% at mid-month in December 2022.

North Vancouver

20 units sold so far in January 2023 compared to
69 units sold at mid-month in December 2022
49 units sold at mid-month in January 2022
55 units sold at mid-month in January 2021
30 units sold at mid-month in January 2020
31 units sold at mid-month in January 2019

93 new listings so far in January compared to
62 new listings at mid-month in December 2022
82 new listings at mid-month in January 2022
155 new listings at mid-month in January 2021
163 new listings at mid-month in January 2020
151 new listings at mid-month in January 2019

Total active listings are at 377 compared to 233 at mid-month in January 2022, and 442 at mid-month in December 2022.

Sales to listings ratio is at 22% compared to 60% at mid-month in January 2022 and 111% at mid-month in December 2022.

West Vancouver

8 units sold so far in January 2023 compared to
28 units sold at mid-month in December 2022
11 units sold at mid-month in January 2022
20 units sold at mid-month in January 2021
10 units sold at mid-month in January 2020
7 units sold at mid-month in January 2019

46 new listings so far in January compared to
145 new listings at mid-month in December 2022
52 new listings at mid-month in January 2022
96 new listings at mid-month in January 2021
91 new listings at mid-month in January 2020
59 new listings at mid-month in January 2019

Total active listings are at 395 compared to 337 at mid-month in January 2022, and 496 at mid-month in December 2022.

Sales to listings ratio is at 17% compared to 21% at mid-month in January 2022 and 76% at mid-month in December 2022.

Richmond

47 units sold so far in January 2023 compared to
104 units sold at mid-month in December 2022
130 units sold at mid-month in January 2022
127 units sold at mid-month in January 2021
92 units sold at mid-month in January 2020
49 units sold at mid-month in January 2019

196 new listings so far in January compared to
145 new listings at mid-month in December 2022
266 new listings at mid-month in January 2022
277 new listings at mid-month in January 2021
264 new listings at mid-month in January 2020
293 new listings at mid-month in January 2019

Total active listings are at 879 compared to 722 at mid-month in January 2022, and 1,048 at mid-month in December 2022.

Sales to listings ratio is at 24% compared to 49% at mid-month in January 2022 and 72% at mid-month in December 2022.

Burnaby East

3 units sold so far in January 2023 compared to
7 units sold at mid-month in December 2022
6 units sold at mid-month in January 2022
5 units sold at mid-month in January 2021
8 units sold at mid-month in January 2020
3 units sold at mid-month in January 2019

11 new listings so far in January compared to
13 new listings at mid-month in December 2022
11 new listings at mid-month in January 2022
19 new listings at mid-month in January 2021
21 new listings at mid-month in January 2020
22 new listings at mid-month in January 2019

Total active listings are at 69 compared to 29 at mid-month in January 2022, and 91 at mid-month in December 2022.

Sales to listings ratio is at 27% compared to 55% at mid-month in January 2022 and 54% at mid-month in December 2022.

Burnaby North

21 units sold so far in January 2023 compared to
46 units sold at mid-month in December 2022
36 units sold at mid-month in January 2022
61 units sold at mid-month in January 2021
38 units sold at mid-month in January 2020
22 units sold at mid-month in January 2019

70 new listings so far in January compared to
58 new listings at mid-month in December 2022
83 new listings at mid-month in January 2022
130 new listings at mid-month in January 2021
99 new listings at mid-month in January 2020
91 new listings at mid-month in January 2019

Total active listings are at 343 compared to 236 at mid-month in January 2022, and 391 at mid-month in December 2022.

Sales to listings ratio is at 30% compared to 43% at mid-month in January 2022 and 79% at mid-month in December 2022.

Burnaby South

15 units sold so far in January 2023 compared to
57 units sold at mid-month in December 2022
54 units sold at mid-month in January 2022
72 units sold at mid-month in January 2021
41 units sold at mid-month in January 2020
23 units sold at mid-month in January 2019

66 new listings so far in January compared to
45 new listings at mid-month in December 2022
116 new listings at mid-month in January 2022
136 new listings at mid-month in January 2021
106 new listings at mid-month in January 2020
105 new listings at mid-month in January 2019

Total active listings are at 324 compared to 264 at mid-month in January 2022, and 835 at mid-month in December 2022.

Sales to listings ratio is at 23% compared to 47% at mid-month in January 2022 and 127% at mid-month in December 2022.

New Westminster

15 units sold so far in January 2023 compared to
31 units sold at mid-month in December 2022
38 units sold at mid-month in January 2022
36 units sold at mid-month in January 2021
18 units sold at mid-month in January 2020
27 units sold at mid-month in January 2019

37 new listings so far in January compared to
22 new listings at mid-month in December 2022
62 new listings at mid-month in January 2022
100 new listings at mid-month in January 2021
18 new listings at mid-month in January 2020
27 new listings at mid-month in January 2019

Total active listings are at 203 compared to 145 at mid-month in January 2022, and 264 at mid-month in December 2022.

Sales to listings ratio is at 41% compared to 61% at mid-month in January 2022 and 141% at mid-month in December 2022.

Coquitlam

22 units sold so far in January 2023 compared to
45 units sold at mid-month in December 2022
64 units sold at mid-month in January 2022
104 units sold at mid-month in January 2021
57 units sold at mid-month in January 2020
27 units sold at mid-month in January 2019

107 new listings so far in January compared to
64 new listings at mid-month in December 2022
91 new listings at mid-month in January 2022
161 new listings at mid-month in January 2021
140 new listings at mid-month in January 2020
144 new listings at mid-month in January 2019

Total active listings are at 434 compared to 255 at mid-month in January 2022, and 536 at mid-month in December 2022.

Sales to listings ratio is at 21% compared to 70% at mid-month in January 2022 and 70% at mid-month in December 2022.

Port Moody

2 units sold so far in January 2023 compared to
28 units sold at mid-month in December 2022
19 units sold at mid-month in January 2022
17 units sold at mid-month in January 2021
16 units sold at mid-month in January 2020
10 units sold at mid-month in January 2019

43 new listings so far in January compared to
32 new listings at mid-month in December 2022
25 new listings at mid-month in January 2022
34 new listings at mid-month in January 2021
31 new listings at mid-month in January 2020
25 new listings at mid-month in January 2019

Total active listings are at 165 compared to 81 at mid-month in January 2022, and 167 at mid-month in December 2022.

Sales to listings ratio is at 5% compared to 76% at mid-month in January 2022 and 88% at mid-month in December 2022.

Port Coquitlam

16 units sold so far in January 2023 compared to
17 units sold at mid-month in December 2022
19 units sold at mid-month in January 2022
25 units sold at mid-month in January 2021
21 units sold at mid-month in January 2020
16 units sold at mid-month in January 2019

29 new listings so far in January compared to
34 new listings at mid-month in December 2022
44 new listings at mid-month in January 2022
80 new listings at mid-month in January 2021
65 new listings at mid-month in January 2020
67 new listings at mid-month in January 2019

Total active listings are at 123 compared to 66 at mid-month in January 2022, and 166 at mid-month in December 2022.

Sales to listings ratio is at 55% compared to 43% at mid-month in January 2022 and 50% at mid-month in December 2022.

Ladner

5 units sold so far in January 2023 compared to
5 units sold at mid-month in December 2022
9 units sold at mid-month in January 2022
7 units sold at mid-month in January 2021
12 units sold at mid-month in January 2020
1 units sold at mid-month in January 2019

18 new listings so far in January compared to
14 new listings at mid-month in December 2022
16 new listings at mid-month in January 2022
15 new listings at mid-month in January 2021
37 new listings at mid-month in January 2020
24 new listings at mid-month in January 2019

Total active listings are at 72 compared to 34 at mid-month in January 2022, and 86 at mid-month in December 2022.

Sales to listings ratio is at 28% compared to 56% at mid-month in January 2022 and 36% at mid-month in December 2022.

Tsawwassen

7 units sold so far in January 2023 compared to
19 units sold at mid-month in December 2022
13 units sold at mid-month in January 2022
16 units sold at mid-month in January 2021
7 units sold at mid-month in January 2020
2 units sold at mid-month in January 2019

21 new listings so far in January compared to
16 new listings at mid-month in December 2022
33 new listings at mid-month in January 2022
43 new listings at mid-month in January 2021
37 new listings at mid-month in January 2020
37 new listings at mid-month in January 2019

Total active listings are at 120 compared to 74 at mid-month in January 2022, and 135 at mid-month in December 2022.

Sales to listings ratio is at 33% compared to 39% at mid-month in January 2022 and 119% at mid-month in December 2022.

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Kevin Skipworth
Partner/Broker and Chief Economist at Dexter Realty

We will all remember the 2022 housing market as one of the most volatile that Metro Vancouver has ever seen, rising to unprecedented highs early in the year only to fall to a near 40-year low by December. Along the way the year crushed every cliché in the residential market. January and February sales, normally the slowest sales months of the year, were among the strongest. September, traditionally a stellar month, posted lower sales than August.

Year-over-year sales fell about 50% but prices proved amazingly resilient, with a mere 3.3% decrease in the benchmark composite home price. Most strata prices increased. And, to cap it all off, the normally sedate December posted a sales-to-new-listing ratio of more than 100% to put an exclamation point on an unforgettable year.

It is all rather reminiscent of 2018, and for a similar reason: anti-demand government policies - – including seven consecutive interest rate increases in 2022 – putting the brakes on eager buyers. The one major difference from 2018, sellers were far more absent as new listings were far more scarce.

We all must deal with continued government intervention in 2023, none of which address the underlying problem of a lack of supply in Metro Vancouver’s housing market. The shortage of both resale listings and new home construction was starkly apparent in December 2022, when total listings of homes was down 41% compared to a year earlier and new listings plunged 60% from November 2022. 

At the same time, starts of new non-rental homes in Metro Vancouver fell to 13,950 units as of December 1, down from 17,708 in the same period in 2021. And the government’s response to this dramatic shortfall? The complicated new and largely unnecessary B.C. Land Owner Transparency Registry, which  became mandatory on November 30 on residential purchases and require a lawyer’s assistance to complete;  a two-year federal ban on foreign homebuyers, which began January 1, 2023 and will discourage new speculative construction as immigration levels reach record highs; and B.C.’s unnecessary three-day cooling off period for homebuyers, effective January 3, 2023, in a market where the average listing now takes 31 days to sell. While giving buyers 3 days to decide if they want to move forward, it doesn’t technically allow for due diligence by a buyer and imposes a penalty on buyers if they want to rescind. As well, several Metro municipalities are increasing development cost charges on new home construction, even as developers are reeling from higher construction costs and land prices and slowing pre-sales of new strata units. 

When you consider what this market deals with, its resiliency is amazing and quite encouraging as we enter a new year, especially for homebuyers. The bottom line is that, with more than 50,000 new immigrants expected to arrive in B.C. in 2023 and governments pushing to stunt the housing supply, Metro Vancouver home prices will continue to face upward pressure.

December was likely a harbinger of what is to come. With just 1,240 new listings in the month, there were 1,303 sales, resulting in a sales-to-new-listing of a startling 105%. This is not indicative of slowing demand or owners desperate to sell.

We’ve not seen new listings for the month of December this low going back as far as 1991 in Greater Vancouver. If anyone thinks sellers are panic selling, this suggests the exact opposite and sets up 2023 to be a year with a skinny selection in front of hungry buyers. While the story of the real estate market tends to be the lack of sales that occurred in the second half of 2022, the drop in listings is the true underlying theme in the real estate market.

December benchmark prices are also an eye-opener. Despite all the angst in 2022, the forecasts of recession and a crash in values, average home prices are virtually the same now as 12 months ago. The overall average composite home price in December was $1,183,802, only $57,000 (or 4.2%) below the near-record price a year earlier. Some markets and housing types have higher average prices now than 12 months ago, including the bellwether Westside of Vancouver, where condo apartment prices have increased $30,000 and the East Side of Vancouver, where average townhouse prices in December were up about $120,000 from the end of 2021.

Based on current trends, 2023 looks like more of the same: gently rising home prices against a background of increased demand and a tight supply. Without more listings on the market, the true strength of this emerging buyer’s market will not be fully realized.

Here’s a summary of the numbers:

Greater Vancouver:

This is a balanced market, with only a low supply keeping it from tipping to a full-blown buyer’s market. Total units sold in December were 1,303 and total new listings were 1,240, resulting in a 105% sales-to-new-listing ratio, one of the highest in all of 2022. New listings were down 61% from November 2022 and 38% lower than in December 2021, which hampered many buyers. More listings would have resulted in higher sales, without a doubt. The low supply assured prices would remain constant, with the composite benchmark price in December at $1,131,600, down less than $20,000 from December 2021. With a further 55,000 international immigrants expected to arrive in 2023, listings in short supply and rents at record highs, the price pressure on homes is becoming intense.

Vancouver Westside:

This is the most-watched housing market in B.C. and it provides all the evidence needed that we are heading into a buyer’s market, with eager purchasers held in check only by a lack of supply. Despite an average price of nearly $3,489,1341 in December, 78% of new listings for detached houses sold. In the condominium apartment market, the sales success ratio was 114% and the average price of $993,400 was 3.1% higher than both a month and a year earlier. The townhouse sector saw December sales sag to 16, largely because new listings dropped to just 28 units, the lowest monthly level in at least two years. Still, the average Westside townhouse price in December was $1,566,761, the highest since July 2022.  The supply of total residential listings is still at 8 month’s supply, representing perhaps an irresistible buyer’s market as we head into 2023.

Vancouver East Side:

Next year is when it all comes together for the East Side housing market. The Broadway Plan is pushing density higher from Renfrew Street to Mount Pleasant with the new SkyTrain Subway as the development of the 450-acre False Creek Flats and its new St. Paul’s Hospital kick into high gear. Relaxed zoning allows three housing units on each detached lot and rental rates are soaring. Heady times indeed and savvy buyers and investors have started early. In December, 38 detached houses sold, representing 103% of the new listings available. Yet the average detached house price, at $1,766,997, is the lowest since December 2020 and half the price as the neighbouring Westside. Condos are also attractive for East Side buyers: the sales-to-new-listing ratio in December was 97% and the benchmark price has barely budged (down 0.5%) from a year ago. This is the market to get into now, while there is seven-month supply of homes available and prices are holding steady. We doubt that will be the case three months from now. 

North Vancouver

The overall sales-to-listing ratio in December was a startling 132% and there is only a 4-month supply of listings on the market, setting the stage for a very competitive market. Total sales were down 45% from a year earlier, to 107, but new listings dropped 32% year-over-year and were down nearly 70% from November 2022. The condo market is a sector to watch. The Lonsdale Quay/ Lower Lonsdale area is now a destination and was responsible for many of the 1,208 North Vancouver condo sales in 2022. Benchmark condo prices at $756,000 in December are up 1.6% from a year ago but have been declining an average of 1.5% per month since the spring. Be careful shopping in the new pre-sale strata market in North Vancouver City and District, which have brought in the Step 5 (net-zero) building code, which adds expenses and delays due to new super-energy-saving construction. All homes are in short supply, with just 385 active listings as of the end of December, down from 529 a month earlier. 

West Vancouver:

Total housing sales in December, with 40 transactions, were down 34% from December of 2021 but up from the 28 sales in November 2022. Active listings were 448 at month end, but new listings in December were down 58% from November and 6% lower than a year earlier. This market is defined by its detached housing, which posted an impressive 124% sales-to-new-listing ratio in December as 26 houses sold at an average price of just slightly under $3 million. The supply of total residential listings is down to an 11 month’s supply (buyer’s market conditions) and the sales to listings ratio of 85% compares to 25% in November 2022. This is a buyer’s market but don’t expect dramatically lower prices. The overall December benchmark, at $2,559,400, was still nearly 19% higher than in pre-pandemic 2019.

Richmond:

If any market will feel the brunt of the two-year foreign homebuyer ban it will likely be Richmond, but the ban is rather toothless because of exceptions to the federal legislation in force from Jan. 1, 2023. Foreigners with a spouse or common-law partner who is a Canadian are exempt as the spouse or partner would be the purchaser, as are permanent residents (those who have immigrated but are not yet citizens), foreigners with temporary work permits, refugees and most long-term international students can take advantage of exemptions depending on their situation. December sales in Richmond, at 171, were the lowest in three months and down 56% from December 2021. But there is a good selection for buyers, with 919 total listings at month’s end, compared to 723 a year ago. The benchmark price for a detached house is $1,978,200, down nearly 3% from November 2022. A total of 96 townhouses sold in December at a benchmark of $1,049,800, a price unchanged from three months earlier. Condo apartment sales benchmarked at $689,400, up 6% from December 2021. With a sales-to-listing ratio at 99% and a 5-month supply of listings, this is a balanced market.

Burnaby East:

This sub-market posted just 12 sales in December, a small share of the 183 transactions across Burnaby in the month, but it also had the highest benchmark home price in the municipality, at $1,082,300. Detached house prices, benchmarked at $1,657,400, were down 5.1% from a month earlier and 6% lower than a year ago. Total active listings of 74 at month’s end were more than doubled a year earlier, but new listings dropped 62% from a month earlier. There is a 6-month supply, and the sales-to-new-listing is running at a quick 86%, up from 38% in November 2022.

Burnaby North:

Housing sales continue to track lower, with 78 December sales down from 92 a month earlier and 50% lower than in December 2021. Prices are holding fairly firm, however, with the condo apartment price at $692,500, up 2.7% from year earlier. (The sixth residential tower – 396 units – at Brentwood started in December after the first five towers sold out). This is overall a balanced market with a 5-month supply, but the sales-to-listing ratio of 111%, the highest in at least four years, and solid prices mark it as a seller’s advantage.

Burnaby South:

Most of Burnaby’s housing sales – 94 – were in the South in December and this may continue due to the explosion of condo construction in the Metrotown area. Sales were down 20% from November 2022 and 49% lower than in December 2021. Prices are sticky, though, with composite benchmark price at $ $965,300, virtually unchanged (down 1.1%) from a year ago. Detached house prices have held rock-steady for the year at $1,889,000, down 0.5% from December 2021. There are 344 total listings in this seller’s market, down from 425 in November 2022, and the sales-to-new-listing ratio is a robust 159%, one of the highest in Metro Vancouver.

New Westminster:

The Royal City remained a seller’s market in December, with a sales-to-new-listings ratio of 183% - up from 164% a year ago – and just a 4-month supply of homes on the market, with 219 total listings. A total of 53 properties sold in December, down 18% from November and 61% below December 2021. The detached house benchmark price is $1,402,600, down 4.3% from a year ago, but townhouse ($872,800) and condo apartment ($619,400) prices are up by same amount year-over-year. Incidentally, New Westminster’s new council has been moving to speed residential developments with some sharp new ideas on quicker approvals. A market to watch in 2023.

Coquitlam:

All Tri-Cities communities are raising or considering increases in development cost charges for residential development, so we will likely be seeing higher prices for new product in 2023. Meanwhile new listings in December were down 69% from November and active listings, at 452 at month’s end, were down from 582 a month earlier, while the sales-to-new-listing ratio is running hot at 107%. Total sales in December were 81, down 40% from November and 42% below December 2021. The composite home price in December, at $1,044,700 is down 3.1% from a year earlier, while detached house benchmarks have slipped down 2.6% year-over-year to $1,698,400, in what is considered a balanced market.

Port Moody:

Total sales in this seller’s market were 41 in December, up 24% from November and down a modest 7% from a year earlier. Active listings were at 155 at month’s end compared to 97 at that time last year and 194 at the end of November. But, with the sales-to-new-listing ratio at 98%, listings are disappearing. The composite home price is at $1,079,300, up 1% from December 2021. 

Port Coquitlam:

The small city has posted its 2023 fee increases, including for residential development, and they remain relatively modest (a multi-family rezoning amendment costs $2,500 plus $200 per unit for each of the first 20 units, as an example). In December 37 residential properties sold, down 65% from December 2021. The sales-to-new-listing ratio is 84%, a reflection of the very low new listings, with just 11 houses, 9 townhouses and 24 condos added to the market in December. This is tight seller’s market, with just a 4-month supply of total listings and the composite home price down just 0.5% from a year ago, at $886,300.

Pitt Meadows:

Pitt Meadows was a popular destination during the pandemic, and the housing market has kept strong this year. Only 23 properties sold in December, compared to 33 at the same time a year ago, but were higher than in both October and November 2022. A 57% drop in new listings month-over-month led to a blistering 191% sales-to-new-listing ratio in December, the highest in years. With just a 2-month supply on the market, the composite benchmark home price is down 8.1% from a year ago at $853,400, but it could increase if the supply remains tight

Maple Ridge:

At $1,666,600 the benchmark price of a detached house dropped 15.4% in December compared to December 2021, the biggest year-over-year price decline in Metro Vancouver. Still, with sales of 78 in December and new listings down 65% from a month earlier, the sales-to-new-listing ratio was 120%, compared to 50% in November this is considered a balanced market. But buyers may start looking, as the composite home price is now $915,800, down 24.6% from six months ago.

Ladner:

Total units sold in December were 9, down from 16 (-44%) in November 2022 and down from 21 (-57%) in December 2021. Benchmark prices are lower across the board, with detached houses down 12.3% from six months ago at $1,299,400; townhouses down 11.2% from June 2022 at $880,200; and condo apartments selling in December at a benchmark of $670,400, about 9% lower than six months ago, but still 34% higher than in pre-pandemic 2019.

Tsawwassen:

With 23 sales in December, transactions were 47% below the same month last year and the composite home price fell 13.4% from six months ago and was down 4.4% year-to-year at $1,143,900. Overall home prices are still 26% above pre-pandemic December 2019. Active listings were 130 at month’s end compared to 68 at that time last year and 150 at the end of November 2022. The sales-to-new-listing ratio is a robust 115% in this balanced market, but slowing sales indicate further price corrections could be coming.

Surrey:  

Sales continue to tumble in B.C.’s second-largest city. Detached house sales fell nearly 70% in December from the same month a year earlier and were down 13.6% compared to November, to 102. The benchmark detached house price is feeling the sales slump, dropping 8.5% year-over-year to $1,510,400. Condo apartment sales plunged a stunning 79% from December 2021 and townhouse sales are down 69% year-over-year, with prices down about 2.5% to $502,800 for condos and $812,200 for townhouses. Even with new listings coming down, we call this a buyer’s market because of the lower prices being seen in one of B.C.’s fastest-growing city.

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Kevin Skipworth
Partner/Broker and Chief Economist at Dexter Realty

“If you have the courage to begin, you have the courage to succeed.”

David Viscott

So you need to buy a home. Now is a good time to do so.

There have always been challenges purchasing in one of the most expensive housing markets on the planet. It is still possible, though, to find the home or investment of your dreams in Metro Vancouver, and despite the headwinds, this is actually a good time to be purchasing, with the help of an experienced and connected real estate company.

The main challenge is finding a home to purchase.

The big question in today’s Metro Vancouver housing market is not ‘where will the new supply’ come from?’ but ‘why is there such a shortage of homes for sale?’ especially in an environment where buyer demand and price increases are at such a feverish pitch.

This past month we have seen houses and townhouses sell within days for well over the asking price. It is not uncommon for a single listing to attract a dozen or more offers.

The demand is coming from conventional buyers wanting to buy their first home or trying to move up to investors and families hoping to buy a second or perhaps a third property as a smart hedge against the highest inflation rate in more than 30 years. But let’s not forget, the investment properties become rentals for a starved rental market and allow developers to build more supply.

Caught in the headlights of this traffic is homeowners who are fearful that if they sell, they won’t be able to purchase a similar or better home because of the shortage of listings and the amazing price parity being seen across the region.

In January, for example, the benchmark price of a detached house was the almost exactly same on Bowen Island – $1.48 million – as in North Delta at $1.45 million. A typical townhouse sells zin Squamish, at $936,000, the same as the average price in the Fraser Valley. At just under $600,000, a Sunshine Coast condo apartment is priced at the same level as in New Westminster or Ladner or Cloverdale. This is the time when a great buyer’s agent is very much worth working with.

Why buy now?

• Low mortgage rates are a prime reason to move into the market as soon as you can.
  The first step is to get a pre-approved mortgage. It is no secret that lending rates will be rising this year, likely with the first Bank of Canada increase coming by March. Lock in a pre-approval home loan at today’s historical low rates, good for 90 days, right now.
• Restrictions coming: If you are an investor or are buying a second home, there is a very strong chance that the federal government is about to increase the down payment required, in a bid, it says, to curb speculation.
  Currently, about one in four homes in Canada is purchased as an investment. With home prices in Metro Vancouver rising about 25% over the past year, investing in real estate is naturally more popular here than in most of the country.
• Federal housing minister Ahmed Hussen said in a January statement: “By developing policies to curb excessive profits in investment properties … and reviewing the down payment requirements for investment properties, we are targeting the issues the market is facing from multiple angles.”
  Today, an investor can buy a home with a 20% down payment, but this could be increased to 25% or even higher. It is better to buy that investment condo, perhaps a suite for the university student in the family, or other secondary home now before tighter restrictions kick in.
• Then there is appreciation. The BC Real Estate Association forecast in January that the average home price in Metro Vancouver, now at $1.2 million, would increase a further 8.1 per cent this year, compared to 2021, and rise again by 3.2% by 2023.  This means that a typical buyer could make at least 10% or about $120,000 in appreciation over the next two years. Across the province the composite home price is predicted to top $1 million this year for the first time.
• Little competition: Finally, there is little fear of the Metro Vancouver housing market seeing a huge increase in supply. Listings of homes for sale have been declining for months and hit an all-time low in January as just 4,251 homes were added to the market, 19th lowest amount for the month of January. However, 2,329 homes sold, the third-highest for January sales in history.
• Despite all the government pledges to increase the supply of homes, total housing starts in Metro Vancouver last year reached 26,103 units while immigration to the area totaled more than 35,000 people.  One of the barriers to new detached house construction in Metro Vancouver is that average municipal fees and taxes on a new house which now total $199,000, according to a survey released by the Homebuilders Association of Vancouver in January.
  Short story is that when you buy a home this month, it will likely have little competition when you go to sell it or rent it. B.C. has only 425 housing units per 1,000 people in a country that has among the lowest average housing supply per capita in the G7. The Metro Vancouver rental vacancy rate is around 2% and the rental costs are the highest in Canada.

Unnecessary costs and delays continue to hurt supply and contribute to the added price of housing. In January, a local developer lamented that they have waited five years for building approval from the City of Vancouver on a project that includes 20% below-market homes around the SkyTrain. And while the city delayed building permits, they were also being charged $250,000 in annual Empty Home Taxes. This can make affordable rental projects financially unviable.

Highlights of this Report:

• Why now is the time to buy. Really.
• Only market where townhouse prices dropped from December 2021: Vancouver East Side (down 3% after a 21.5% increase in the previous 12 months) – expect that to swing the other way in the months to come as lack of available townhouses push prices up again.
• Greater Vancouver benchmark home price appreciation year-over-year: $234,900
• Biggest year-over-year detached house price increase: Surrey, up 43%
• Biggest year-over-year detached house sales decline: Surrey, down 38%

A summary of the January numbers:

Greater Vancouver: 

Total housing sales for the first month of 2022 were 2,329, which was down 15% from December and 5% lower than in January of last year.

But the slow sales are linked to a lack of inventory: active listings for the month reached just 5,987 properties, compared to 8,831 at that time last year and 5,588 at the end of December 2021. New listings in January were down 8% compared to January 2021, though up 6% compared to January 2020. The result was a sales-to-listing ratio of 55%, the highest for a January in two years, and sharply higher prices. The composite residential benchmark price in January – which combines all property types was $1,272,000, up 2% from a month earlier and 18.5% higher than in January 2021. This is a staggering annual cash increase of $234,900. The typical detached house sold in January for a record benchmark high of $1,953,000, up 22.7% – or $438,000 – from a year earlier. This level of performance is the best evidence of why there is such an insatiable demand for Greater Vancouver housing. Total housing starts across all of Metro Vancouver in 2021 were 26,013 homes, up just 3,000 starts from 2020. It is the townhouse sector that is seeing the highest demand and price growth, with a year-over-year increase of 24.3% in January to $1,029,000. Yet only 236 new townhouses began construction in January and 186 of these were in Surrey and Langley.

As January ended, the inventory of total residential listings was at a 3-month supply, signaling the seller’s market will continue.

Fraser Valley: 

The Fraser Valley Real Estate Board processed a total of 1,310 sales of all property types on in January 2022, a decrease of 23.7% compared to January 2021, and 27.5% lower compared to December 2021. The Board received 2,135 new listings in January, an increase of 67.1% compared to December 2021, and a decrease of 23.3% compared to January of last year. Total active listings for the month were 2,332, down 44.6% compared to January 2021, however an increase of 19.2% compared to December 2021. Fraser Valley benchmark prices are up sharply, year over year. At $1,569,300, the benchmark price of a detached house increased 41.8%; the townhouse benchmark is up 37.2% to $796,500; and the typical condo price has increased 30.6% from a year ago to $574,300.

Vancouver Westside: 

There was a modest January listing rally for Westside townhouses, a property species that has been hunted to near extinction. New listings rose to 123, compared to just 47 in December 2021, and the benchmark price increased 15% from a year earlier to $1,311,000, based on 49 sales. But only 68 townhouses started construction on the Westside during all of 2021 and no townhouses started on the Westside in January 2021. If you own a Westside townhouse and have considered listing, it would likely attract multiple offers this month. The benchmark price for a detached house on the Westside is now $3,445,400, yet an average of more than two houses sold every day during January, trailing only Richmond for the highest house sales in Greater Vancouver. Condo apartment sales dominated the buyer action on the Westside in January, however, with 330 transactions at a median price of $856,000 and a sales-to-listing-ratio of 47%.

Vancouver East Side: 

A total of 257 residential properties sold in January, unchanged from the same month a year earlier and up 13% from December 2021.

This included 65 detached houses that sold for a benchmark price of $1,805,100, which was 2% higher than in December 2021 and up 16.8% from a year earlier.

Total new listings in January were down 5% compared to January 2021. The overall sales-to-listings ratio of 54% compared to 51% in January 2021. The sales-to-listings ratio for townhouses is 59%, yet the benchmark townhouse price dipped 3% from December 2021 to $1,053,400 in January, the only Metro sub-market to post a month-over-month price decline in townhouse prices. Of course, the 21.5% increase in the previous 12 months may have had something to do with this. Expect more price gains to come.

North Vancouver:

North Vancouver joined the $2 million house price club in January as the benchmark detached house increased 2.9% from a month earlier to $2,025,800. This may have spooked some buyers, as detached sales dropped to 37 transactions, down from 56 in December 2021, despite new listings rising to 74 houses, up from 25 a month before. The detached house and townhouse sales-to-new-listing ratio are both at 50%. In January, 59% of the 109 listings for condo apartments sold at a benchmark price of $695,000. Total new listings in January were down 24% compared to January 2021 in this seller’s market.

West Vancouver: 

This remains an exclusive market, where the benchmark home price is among the highest in Canada at $2,605,000 in January, due to the dominance of detached houses, which now sell for a median of $3,080,000. West Vancouver home prices have remained fairly stable over the past year, inching up just under 1% per month. West Vancouver condos remain the most expensive in the Metro region, at a January benchmark of $1,151,200, based on a dozen sales. Total new listings in January were down 27% compared to January 2021. There is, however, a relatively healthy 8-month’s supply of total residential listings in what is one of the rare balanced markets in the region.

Richmond: 

Richmond kept the real estate market active as sales were up 23% this January compared to January 2021, while they dropped in most other communities. Richmond detached house prices reached a benchmark of $2,032,000, remaining above the $2 million level for the second straight month. There were 108 detached sales in January, higher compared to both December 2021 and January of last year. Richmond posted the highest townhouse sales in Greater Vancouver in January, with 56 selling at a new record high of $1,027,300, up nearly 4% from December and 24% higher than a year earlier. Total new listings in January were down 7% compared to January 2021. The overall sales to listings ratio is 61% compared to 47% in January 2021 in this strong seller’s market.

Burnaby East: 

Total housing sales in January were 25 – down from 32 (22%) in December 2021, down from 33 (24%) and from 28 (11%) in January 2021. Active Listings were at 34 at month end compared to 67 at that time last year and 32 at the end of December; New listings in January were down 19% compared to January 2021. The sales to listings ratio of 71% compares to 65% in January 2021. The composite home price is now $1,157,100, up 16.4% from January 2021 and 2.6% higher than in December 2021.

Burnaby North: 

Total housing sales in January were 141, down from 157 (10%) in December 2021, and down from 144 (1%) in January 2021. Active Listings were at 262 at month end compared to 448 at that time last year and 229 at the end of December. New listings in January were down 2% compared to January 2021. The sales-to listings ratio is 60% compared to 59% in January 2021. As could be expected in a market where 2,514 apartments started construction last year, tower condos are very popular in Burnaby North, where the benchmark condo price is now $764,800, up 13.4% from a year ago.

Burnaby South: 

After a slow 2020, a successful pre-sale condo launch late in 2021 spurred Metrotown land development action in January. The land prices give an indication of where new Burnaby South condo prices are heading. In January, a 1.4-acre site that falls under the new Metrotown Official Community Plan, which allows greater density, sold for more than $45 million: yes, that works out to about $32 million per acre for a site that could potentially developed into about 396,000 square feet of tower apartments. In January, condos in South Burnaby sold for a benchmark of $710,700, a price up 2% from a month earlier. Total new listings in January were down 7% compared to January 2021. The sales-to listings ratio was 62% compared to 55% in January 2021.

New Westminster: 

The Royal City is the only community in Greater Vancouver where the composite benchmark price is under $1 million, because condo sales dominate transactions. The composite price was $773,600 in January, which was $500,000 below the Greater Vancouver benchmark of $1,255,200. The median price of a condo apartment, which accounted for nearly 80% of January sales, is $598,600; townhouses sell for $925,800; and the typical detached house sold in January for $1,419,000. Total new listings in January were down 22% compared to January 2021. The overall sales to listings ratio is 61% compared to 47% in January 2021.

Coquitlam: Coquitlam residential sales tallied 174 in January, down from 216 (19%) in December 2021 and down from 225 (23%) in January 2021 Active listings were at 299 at month end compared to 538 at that time last year and 267 at the end of December; New Listings in January were down 22% compared to January 2021. January’s sales-to-listings ratio of 66% was exactly the same as a year earlier. Price increases have been remarkable with the benchmark price of a detached house rising 26.9% from a year earlier to $1,675,000 in January and the overall composite home price up nearly 24% from a year earlier and 3.5% higher than in December 2021 to $1,203,100. Coquitlam was recently named the No. 2 best city in which to work in B.C. by BC Business magazine.

Port Moody: 

Port Moody managed to see a slight increase in new listings this January compared to last year, but with 24% more sales. active listings dropped. Total units sold in January were 56, up from 37 in January 2021.; Active Listings were 93 at month end compared to 140 at that time last year and 97 at the end of December 2021. New Listings in January were up 5% compared to January 2021. The sales to listings ratio of 71% compared to 61% in January 2021. The most active sector in January was the condo market, with 24 transactions at a median price of $680,000.

Port Coquitlam: 

Sales generally declined in January compared to December 2021, dropping 28% to 77 transactions. New listings in January were down 33% compared to January 2021 as the city got off to a slow start in the year of the Tiger. Despite the lull in action, the benchmark home price increased 27%, the biggest year-over-year increase in the Tri-Cities, to $1,022,500. There is only about a one-month supply of listing in Port Coquitlam and the sales-to-listing ratio of 73% is eating it up quickly

Pitt Meadows: 

Once one of the most affordable communities in Metro Vancouver, the 2022 assessment value of a Pitt Meadow detached house rose 34% from a year earlier, from $843,000 to $1.13 million, for a hike of $283,000 for the typical house, according to BC Assessment data. The actual sale price of a detached house in January was even higher, at $1,432,600. Total sales in January were 30, nearly level with both January 2021 and December 2021. The sales to listings ratio of 73% compared to 70% in January 2021 in this seller’s market.

Maple Ridge: 

Total units sold in January were 124 – down from 159 (22%) in December 2021, and down from 194 (36%) in January 2021, Active Listings were at 210 at month end compared to 342 at that time last year and 143 at the end of December; New Listings in January were down 4% compared to January 2021, and the sales to listings ratio of 51% compared to 77% in January of last year. The benchmark price of a Maple Ridge detached house posted one of the highest year-over-year increases in the Metro region, escalating 38% to $1,284,300 in January which may be the reason for decrease in sales in January comparative to last January.

Ladner:

With a remarkable 35.6% surge in the benchmark detached house price, compared to a year earlier, the typical Ladner house sold in January for $1,459,000, remarkable for such a small community. Total home sales in the month were 22, up 5% from December 2021 and 10% higher than a year earlier. New Listings in January were down 31% compared to January 2021, and the sales-to-listings ratio of 61% compared to 38% in January 2021. This a tight seller’s market.

Tsawwassen: 

Total housing sales in sunny Tsawwassen were 42 in January, down 28% from January of last year and level with the sales in December 2021. The benchmark detached house price was up about 28% from year earlier at $1,561,600. Townhouse prices are up 21.5% in the same period to $936,600. New listings in January were down 13% compared to January 2021, and the sales-to-listings ratio of 54% compared to 60% in January 2021.

Surrey: 

Watch for a major new multi-family housing developments in the Semiahmoo Town Centre of South Surrey, where Surrey council recently approved a plan that sets building height limits of up to 28-storeys. The plan also allows for a corridor of six-story buildings along 152 Street from 18 Avenue to 23 Avenue. Surrey, which has led new home construction over the past year, saw housing sales contract in January. Detached sales were down 33% from a year earlier; townhouse sales slid 35.4%, though condo apartment sales increased 20% to 291 units. The drop in detached house sales may be a reaction to a 43% surge in average prices from a year earlier to a new all-time high of $1,986,959 in January. Townhouse prices rocketed up nearly 44%, rising from $670,044 a year ago to $936,844 in January 2022.

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty

“Don’t wish it were easier. Wish you were better.”

Jim Rohn

Brace for an interesting year in the housing market

As the Metro Vancouver housing market comes off a record sales year, we are entering what could be the most interesting 12 months this region has ever seen.  The term ‘interesting’ can be seen in relation to the age-old curse of “may you live in interesting times,” but we believe it will also be a blessing because the blinders that have obscured some real estate realities will be ripped away in 2022.

The first expose will be that Canada does not have the supply or the political gumption to provide the housing needed for the biggest surge in immigration this country has ever seen.

The second expose will be that the federal government continues to look at ways to tax homes in Canada as evidenced by a recent CMHC study to add an annual tax on homes valued above $1M, will they slap a capital gains tax on the sale of principal residences next, despite its strenuous denials?

The final reality that every home buyer, seller and renter in Metro Vancouver will face is that the cost of housing here is never going to come down, despite the barriers to demand that every level of government has thrown up over the past 10 years.

It is up to the private market – that is you, me and everyone else who aspires to homeownership – to prepare and prosper in a future characterized by a low supply of housing, greater property taxation and accelerating land and property values.

It won’t be easy, but Metro Vancouver has never been an affordable market. Yet it has remained Canada’s leading residential environment for decades.  There is nowhere better to live in Canada and it certainly has no match when it comes to achieving real estate success.

Let’s look at immigration. According to Statistics Canada, this country absorbed 123,000 immigrants in the third quarter of 2021 alone: the highest level for any quarter since 1946, at the end of World War II. For all of 2021, Canada welcomed 403,000 new residents. To put this in perspective, the United States brought in only 300,000 immigrants for all of last year. Due to immigration, Canada now has the fastest-growing population of all G7 Nations.

If former immigration surges are any indication, up to 30% of newcomers to Canada will immediately or eventually – usually within two years – locate to B.C. and 95% of these will come to Metro Vancouver.

But the supply of housing in Metro Vancouver has fallen to record low levels and, due primarily to local governments, construction of new homes is not keeping pace with the current population, let alone meeting the needs of a hundred thousand newcomers every year.

Considering the lowest we have seen the number of Greater Vancouver active listings go in the last 30 years was 6,200, to hit below 5,000 it truly astonishing. Criticize the supply side discussions all you want but a fundamental flaw in the Metro Vancouver and many other real estate markets that we are experiencing right now is a significant lack of homes. Demand side measures clearly are not the long-term answer. At some point there needs to be real effort to increase supply and allow it to be increased in a meaningful way. And yes, the right kind of supply. We can’t keep wishing for it, there needs to be real work behind any kind of resolution to this issue.

As of December 1, 2021, only 6,000 more homes had started construction in Metro Vancouver than in the same period a year in 2020. Townhouse construction increased by just 98 units; and starts of detached houses fell by 300 homes. The only big increase was in apartments, but 30% of the 17,745 units started in 2021 were rentals, not strata homes.

This is despite a federal housing ministry pronouncement back in January 2021 that “We have a rock-steady focus on increasing the supply of housing in Canada.”

Of course, it is local municipalities that really decide how many homes will be built. And that is where the problem lies. Not to belabour the point, here is a snapshot of some recent for Metro Vancouver development non-decisions.

Vancouver: In 2016 the Grandview-Woodland Community Plan was approved, and the late and iconic Vancouver architect Bing Thom presented plans for the anchor development, his last big proposal, The plan now has been scaled back to 438 secured rental units, including 93 units at below-market rates, and 215 strata residential units, all across from the Broadway-Commercial SkyTrain hub. After three presentations and revisions over four years, the proposal has now been sent for future public hearings. “We have not received rezoning approval,” a developer spokesperson said in December 2021. “We have no idea when it will come.”

As of December 1, 2021, the City of Vancouver had seen total starts of less than 5,000 homes for the year, just 1,500 more than a year earlier, and 90% of 2021 starts were apartments. Only 135 new strata townhomes have started in Vancouver in the past two years.

North Vancouver District. The development of the Maplewood Town Centre was included in the 2006 official community plan. Five years ago, a plan was submitted by two major developers for 535 homes, including 80 below-market rentals. In December 2021, the entire proposal was voted down by District council.
A proposal to develop 420 housing units, half of them rentals at below market rates, in Lynn Canyon has been submitted three times to District council starting nearly two years ago. As of December 2021, it was referred to another round of public hearings.

As of December 1, 2021, North Vancouver District has posted just 423 housing starts, down from 611 in the same period in 2020. Only 17 townhouses were started in 2021.

West Vancouver: Council recently voted down an eight-story condo building with seven strata units. It would have been the first-ever zero emission, mass-timber housing development in the district.

Burnaby:  First presented under the official community plan in 1988, the Bainbridge Urban Village Community Plan and the Lochdale Urban Village Community Plan, meant to increase density around the Sperling SkyTrain station and Hastings Street, began consultations in 2020.The Latest update indicates that final plan to council sometime this year, subject to more public hearings.

Highlights of the December 2021 housing market report

West Side detached housing prices may have peaked for now at $3.4 million

Immigration has hit the highest level since the end of World War II

Richmond is considering “rental only” zoning

A summary of the amazing numbers:

Greater Vancouver:  Total housing sales in December were 2,737 – down from 3,492 (22%) in November 2021, down 23% from October 2021 and down 13% from December 2020, due totally to a lack of listings.

For all of 2021 sales totaled 43,999 homes, a 42.2% increase from the 30,944 sales recorded in 2020, and a 4% increase over the previous all-time sales record set in 2015. Last year’s sales total was 33.4% above the 10-year sales average.

The composite benchmark price for all residential properties in Metro Vancouver ended the year at $1,230,200. This was a 17.3% increase compared to December 2020. Both detached home and townhome benchmark prices leaped 22% last year, while condo apartment prices increased 12.8% from year earlier.
The price increases are being fueled by the housing shortage, and the shortage is because of rising prices. The benchmark price of a detached house in Vancouver, Richmond, West Vancouver and Whistler is now more than $2 million. It is over $1.8 million in North Vancouver, Port Moody and most of Burnaby, and has reached $1,756,700, up nearly 30% from a year ago in the Lower Mainland. Sticker-shocked home owners are reluctant to list their home because they don’t know where they can afford to move to. New listings in December were down 51% compared to November 2021 and 20% lower than in December 2020.

Meanwhile, buyers are eager to purchase in a market where the average detached house is increasing in value by $35,000 per month. The result is multiple offers with December’s sales-to-new-listing ratio at a startling 138%, up from 87% in November 2021 and 127% in December 2020. Basically, every new listing sold in December and the total inventory was further whittled down. In some communities, the inventory of homes for sales in now measured in days, not months.

The bottom line: buyers will continue to struggle in 2022. We will see a rush of new listings in January and into the spring, despite COVID conditions. But given the hole we are starting from; it won’t be enough. Immigration has hit record levels. A large supply of housing is absolutely vital to meet the needs of a growing population and our expanding economy.

Fraser Valley: Home sales in the Fraser Valley in 2021, with 27,692 transactions, blew past the previous annual record of 23,974 sales set in 2016 and were 39% higher than in 2020. Unlike Greater Vancouver, the Fraser Valley also saw a rush of new listings, with 35,629 added – the second highest on record and 12.4% more than in 2020, but demand quickly ate up the supply.

In December 2021, 1,808 homes sold second only to December 2020’s record‐setting 2,086 sales. New listings in December were 1,278. By month’s end, however, the active inventory finished at 1,957 units, the lowest in 41 years. The year ended with detached house prices up 39% from a year earlier at a benchmark of $1.5 million; townhouse prices up 32.9% to $765,800; and condo apartment prices 25.3% higher at $549,200.

Vancouver Westside: We may be seeing peak prices, at least through the next few months, for detached houses right now on the Westside of Vancouver, with December’s benchmark at $3,433,600. Detached house prices are up 8.2% from a year ago, but have been declining steadily for the past six months. The Westside was the only sub-market where detached house prices were actually lower, down 0.4%, in December than five years earlier. For those who see the Westside as a bellwether market, this could be a harbinger for detached house prices. Just 79 detached houses sold in December, down from 100 in November 2021 and 84 in December 2020, in part a reaction to a low supply. With only 82 new listings of houses added in the month, December’s sales-to-new listing ratio was 96%. More listings would have boosted sales, but one wonders if price resistance is in play. Total Westside housing sales reached 468 in December, down 28% from a month earlier and 4% below December of last year. Total listings in December were down 54% compared to November 2021 and down 6% compared to December 2020. The action is now dominated by condo apartment sales, which reached 344 transactions in December to post a sizzling 128% sales-to-listing ratio, despite benchmark condo prices rising to $842,900. The townhouse inventory is close to vanishing: there were 47 new listings in December and 45 sales; driving the median townhouse price to $1,650,000, up about $340,000 from a year earlier.

Vancouver East Side: It takes a few minutes to drive from the heart of the Westside to the centre of Vancouver’s East Side but the short journey was a $1.7 million migrations for a December house buyer. The benchmark house price on the East Side as 2021 ended was $1,770,100, almost exactly half the price of a Westside house. This is perhaps the widest price-to-proximity gap in the Lower Mainland. It helps explain why nearly 1,800 East Side houses sold in 2021, compared to 1,210 on the Westside and why the benchmark East Side detached house price increased 23.9% in the past year while it increased just 8.6% on the Westside. The East Side saw the sales-to-listing ratio for detached houses hit 125% in December, showing the price pressure will likely increase going into 2020. East Side condo apartments may offer the best deal in Greater Vancouver for those seeking some level of affordability. The median East Side condo price in December was $618,500, lower than in Burnaby, the North Shore or Coquitlam and about $200,000 less than on the Westside. East Vancouver, however, is also seeking a housing shortage, with total active listings at year-end of 690 homes, down from 921 in November.

North Vancouver: Despite all the handwringing about rising home prices, BC Assessment data shows that demand is driving prices even higher in prime neighbourhoods. For instance, assessment values for homes on the exclusive Dollarton waterfront and in Grousewoods in North Vancouver were up 30% over the past year, while they increased just 16% in more affordable Norgate and Pemberton. Across all of North Vancouver, the composite home price in December was up 14.2% from a year earlier to $1,273,100, while the typical detached house price was $1,968,000, up 15.6% year-over-year. New Listings in December were down 58% compared to November 2021 and down 26% compared to December 2020.Month’s supply of total residential listings is down to 1 month with the sales-to-listing ratio at a stunning 163%.

West Vancouver: Total housing sales in December were down 23% from a month earlier to 62 transactions, as new listings dropped 67% compared to November 2021, and 25% from December 2020. There is now about a six-month supply – 371 active listings – on the market, but the December sales to listing ratio was running at 124%. The benchmark detached house price is $3,224,500, up 13.1% from December of 2020. The big gain is in Ambleside, where the typical house price rose an average of 34% over last year, according to B.C. Assessment.

Richmond: Richmond is considering ‘rental-only zoning’ of 60 rental properties to discourage the potential development of strata homes. The targeted properties are all rentals, including 17 housing co-operatives. This could discourage development and cause values to fall for land where only rentals are permitted, if developers caution. City staff is recommending the move. This is something for property owners to keep an eye on. Meanwhile, Richmond total housing sales were up 13% year-over-year- in December to 481 transactions, while new listings dropped 9% in the same period. The sales-to-listing ratio is at 140%, which has translated into multiple offers and the composite home price increasing 17.4% from a year ago to $1,132,600.

Burnaby East: Total housing sales in December were 32 – down 3% from November 2021 and down from 22% compared to December 2020 New listings in December were down 44% compared to November 2021. Month’s supply of total residential listings is still at a 1 month’s supply, with a sales-to-listings ratio of 145% compared to 85% in November 2021 and 216% in December 2020. The composite home price is up 13%, year-over-year, to $1,127,600.

Burnaby North: The benchmark detached house price jumped to $1,802,600 in December, up 17.3% from a year earlier, reflecting intense demand in the face of lower inventory across every sector. Total new listings in December were down 45% compared to November 2021 and down 27% compared to December 2020. Month’s supply of total residential listings is down to 1 month as the sales-to-listings ratio rose to 130% compared to 84% in November 2021.

Burnaby South: The detached house market edged closer to the $2 million club in December, as benchmark prices edged up 1.9% from a month earlier to $1,868,000, the highest house price in Burnaby. Total housing sales, however, dropped 17% from November to 225 units, likely due to a severe shortage. Active listings were at 257 at month end compared to 574 at that time last year and 358 at the end of November. The total sales-to listings ratio is a blistering 138% compared to 100% in November 2021 and 103% in December 2020.

New Westminster: The benchmark detached house price in the Royal City in December was $1,393,800, up 21.5% from a year earlier, but prices are higher in some neighbourhoods, based on recent BC Assessment values. A property n Queensborough has been assessed at $3,009,000 and at least 10 other properties in New Westminster topped $2.5 million, according to assessment values released January 4. Detached house prices will likely increase, because the sales-to-listing ratio hit 183% in December, among the highest in Metro Vancouver, because only 12 new listings hit the market in the month. Total listings of all properties in December were down 53% compared to November 2021 and down 9% compared to December 2020, but the sales-to-listing ratio is 164%.

Coquitlam: Total housing sales fell 25% in December from a month earlier, to 216, but a lack of inventory drove the composite benchmark home price up 2% in the same period to $1,162,400. Detached house prices were up 25.1% from a year earlier to $1,616,200, while townhouse prices shot up 23% to $904,500. Total new listings for all properties in December were down 52% compared to November 2021 and down 27% compared to December 2020, as the sales-to-listing ratio hit 140%.

Port Moody: This market is experiencing some of the highest price increases in Greater Vancouver. The benchmark condo price in December was $767,600, up 16.9% from year earlier and the typical detached house sold for $1,948,800, 24% higher than in December of last year and by far the highest price in the Tri-Cities.
Total sales in December were down 33%, year-over-year, to 52 units, and active listings fell to just 97 homes, compared to 155 at the end of 2020. The result is a sales success ratio of 133%, meaning virtually every new listing is selling. The bottom-line numbers, there were only19 townhouses and 22 apartments available for sale.

Port Coquitlam: For now, this is the most affordable of the Tri-Cities, with a composite benchmark home price of $988,800 in December. There are no big housing developments planned for 2022, but a number of civic projects, including a downtown upgrade and a civic centre makeover are underway. More housing supply is badly needed, though, as the total inventory is down to two-weeks and the sales-to-listing ratio is a sizzling 162% with 4 townhouses and 17 apartments available. An idea of the price direction in Port Coquitlam is the December sale of a 1.2-acre rental building downtown that sold for $18.2million.
Ladner: Total housing sales in December were 21 – down 49% from November 2021, and 39% below December 2020. Active Listings were at 33 (with only 1 townhouse and 3 apartments) at month end compared to 66 at that time last year and 50 at the end of November. New listings in December were down 70% compared to November 2021 and down 60% compared to December 2020. The composite home price has surged 25% from a year ago to $1,103,000 and the typical townhouse price is up 26% to $826,100.

Tsawwassen: Detached house prices are up 28.2% from a year ago and rose 3.3% from a month earlier to reach $1,525,300, understandable as total housing sales are running at sales to listing ratio of 215%. Active Listings were at 68 at month end compared to 176 at that time last year and 97 at the end of November.

Pitt Meadows: Total Units Sold in December were 33 – up from 32 (3%) in November 2021, down from 34 (3%) in October 2021, up from 26 (27%) in December 2020, up from 27 (22%) in December 2019; Active Listings were at 29 at month end compared to 47 at that time last year and 37 at the end of November; New Listings in December were down 36% compared to November 2021, up 20% compared to December 2020 and up 115% compared to December 2019. Month’s supply of total residential listings is still at 1 month’s supply and sales to listings ratio of 117% compared to 72% in November 2021, 130% in December 2020 and 207% in December 2019. The shocking numbers: 16 detached homes, 8 townhouses and 2 apartments available.

Maple Ridge: Total Units Sold in December were 159 – down from 198 (20%) in November 2021, down from 187 (15%) in October 2021, down from 214 (26%) in December 2020, up from 130 (22%) in December 2019; Active Listings were at 143 at month end compared to 371 at that time last year and 235 at the end of November; New Listings in December were down 50% compared to November 2021, down 33% compared to December 2020 and up 4% compared to December 2019. Month’s supply of total residential listings is still at 1 month’s supply and sales to listings ratio of 145% compared to 90% in November 2021, 129% in December 2020 and 123% in December 2019.

Kevin Skipworth, Partner/Broker and Chief Economist at Dexter Realty